business

K-1 partnership tax forms may be sent electronically

NEWS IN BRIEF — Posted Feb. 27, 2012

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The schedule K-1 form issued to participants in a partnership now may be issued electronically, according to a statement issued Feb. 13 by the Internal Revenue Service.

The K-1 previously had to be issued on paper. To change this, the recipient must consent to electronic delivery.

About 26 million schedule K-1 forms are issued by companies set up as partnerships to people who have an ownership stake in them, including many physicians who use this business arrangement for their medical practices. The information on the form is filed annually by the company with the Internal Revenue Service. Individuals who receive a copy use the form's information on income, deductions and credits to file their personal tax returns.

Additional guidance is available online (link).

Note: This item originally appeared at http://www.ama-assn.org/amednews/2012/02/27/bibf0227.htm.

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