IRS Allows Partnerships to Provide K-1’s Electronically

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The Internal Revenue Service has issued new rules that will allow partnerships to provide Schedule K-1 electronically, if the recipient consents to receive it electronically. The detailed rules are contained in a new revenue procedure and are effective February 13, 2012.

The new rules are of course, very detailed, and provide guidance on the form of consent to be received, the manner of notification to partners, the information required in the disclosure, etc.

The information is included in Revenue Procedure 2012-17, which can be found here.

Additionally, the AICPA’s Journal of a Accountancy has prepared a detailed analysis here.

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