TEI Files Comments on Proposed Changes to Form 1065 Regarding International Items

On September 11, 2020, Tax Executives Institute, Inc. (TEI), filed comments with the Internal Revenue Service (the Service) regarding recently proposed revisions to Form 1065: U.S. Return of Partnership Income relating to the manner in which international items are reported to the Service.  TEI’s comments focused on the practical implications of the proposed revisions, including describing the new schedules would increase the compliance burden on taxpayers, require impractical information reporting from partners to existing partnerships, and recommended a delay in the implementation of the form to the 2022 tax year.

TEI’s comments were prepared by an ad hoc group of TEI members with partnership expertise.  Benjamin R. Shreck, TEI Tax Counsel, coordinated the preparation of TEI’s comments. 

Download the letter.