Providing current information on common questions regarding 2020 tax year changes to the Partnership return government instructions using CCH® ProSystem fx® Tax and CCH Axcess™ Tax.

CCH® ProSystem fx® Tax
CCH Axcess™ Tax
2020
1065
Partnership
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Interview view

Please review the following articles for important changes to the 2020 Partnership program based on the latest guidance from the IRS: 

• Why isn't 1065, page 5, Schedule M-2, Line 3 and 1065, Schedule K-1, Item L, calculating the same as prior years in a 2020 Partnership return?
• 2020 Partnership 1065 Schedule L Balance Sheet, Line 21, Column d, partner's ending capital account is reporting on tax basis using CCH® ProSystem fx® Tax and CCH Axcess™ Tax?
• Schedule M-2 Book income off by Guaranteed Payments in a 2020 1065 return using CCH Axcess™ Tax and CCH® ProSystem fx® Tax.
• 743 and 754 depreciation reducing Current Year Net Income on the Schedule K-1 item L in a 2020 Partnership 1065 return using CCH® ProSystem fx® Tax and CCH Axcess™ Tax.
• Why is Schedule K-1, Line 20AG not populating for the 59A(e) but is for 448(c) in a 2020 Partnership return?
• Partner's beginning capital amount did not roll forward from 2019 into 2020 partnership return due to tax basis capital not being selected for some partners.

 

CCH Software News

• Prosystem fx Tax - CCH Software News - Current Guidance for Section 743(b) and Section 754 Adjustments on Schedule K-1, Item L and Schedule K-1 Tax Capital Reporting on Item L and Schedule M-2 for Partnership Returns
• CCH Axcess™ Tax - CCH Software News - Current Guidance for Section 743(b) and Section 754 Adjustments on Schedule K-1, Item L and Schedule K-1 Tax Capital Reporting on Item L and Schedule M-2 for Partnership Returns