The IRS has released the draft version of the Form 1065 instructions for 2020 partnership returns. The new instructions reflect the requirement to report a partner’s capital account using the tax basis method.
Hi, my name is Bernard Austin, Jr CPA, but you can call me Bernie. I am based in Katy, Texas and have over 15 years of accounting and finance experience. I started my career with a major publicly traded oil and gas exploration and production company and have held positions of increasing responsibility throughout my career. I believe that the integration of technology and accounting are key to financial success.I received a B.B.A. in Accounting from the University of Houston and am a Certified Public Accountant(Texas).