The draft 1065s and 1120s are requiring calculations of basis with the 2019 filings. If basis schedules have not been maintained on a tax-basis, additional time and fees will be required in order to properly comply.
Lurie is hard at work reviewing partnership and S corporation entities to determine what is needed for the additional requirement and attempting to complete as much of this work prior to the start of filing season as possible.
Note, the IRS recently announced a delay until 2020 for reporting partner capital accounts on the tax basis method.
For more information contact Julie Helms – Director of Specialty Tax Services or your Lurie trusted advisor.