The Internal Revenue Service said that reporting partnership interests using Form 1065/Schedule K-1 would be optional for tax year 2011.
In an email to tax professionals on Monday, the IRS said the 2011 Form 990, Appendix F instruction (and equivalent instructions in Parts VIII and X) to report interests in joint ventures and other partnerships using Form 1065, Schedule K-1 information would be
In reporting on Form 990 or Form 990-EZ its proportionate interests in the revenue, expenses and assets of joint ventures and other partnerships in which it has an ownership interest, an organization generally may report, as in prior years, based on its books and records. “Schedule K-1 information must still be used in reporting interests in joint ventures and other partnerships in Schedules H and R,” the IRS cautioned, however.
For more information, view the