UncategorizedGuidance About Distribution of Electronic Schedules K-1

March 18, 2012by George Danneman

WASHINGTON, D.C. – March 5, 2012 – In Revenue Procedure 2012-17 the Internal Revenue Service provided the rules that partnerships must follow if they wish to distribute Schedules K-1, Partners’ Share of Income, Deductions, Credits, etc., electronically in lieu of paper format. A partnership can distribute the K-1s in this manner only if the recipient’s consent has been provided in the same electronic format in which the K-1s will be distributed. Failure to distribute K-1s to partners by paper format or electronic format in compliance with Rev. Proc. 2012-17 will result in a penalty under Internal Revenue Code Section 6722. Please see Rev. Proc. 2012-17 for guidance related to obtaining consent and the required disclosures.

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