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Tuesday, February 14, 2012

IRS Now Allows K-1s to be Provided Electronically

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The IRS issued guidance in Rev. Proc. 2012-17 that now allows partnerships to provide Schedule K-1, Partner’s Share of Current Year Income, Deductions, Credits, and Other Items to recipients electronically. With almost 26 million K-1s filed during 2011, the new rules should reduce the time and expense associated with printing and mailing K-1s to partners who elect to receive them electronically.

The new rules are similar to those governing electronic delivery of 1099s and W-2s. Under the revenue procedure, the partnership must obtain the partner’s consent before providing K-1s electronically. The guidance addresses how a partner can provide consent electronically — including through secure e-mail and through the partnership’s web page. The guidance also addresses how partners must be informed about changes in software, defines how the partnership must provide instructions about accessing and printing electronic statements and the partnership’s responsibility if the K-1 is electronically undeliverable. The guidance also addresses amended K-1s, access periods and what happens if a recipient withdraws consent to receive a K-1 electronically.

Generally, K-1s must be provided to recipients by the due date of Form 1065, U.S. Return of Partnership Income. For calendar year partnerships, the due date is April 17, 2012 (due to Emancipation Day, a federal holiday in the District of Columbia).

Ken Savell
IRS Practice and Procedure Group
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