Anyone knows about IRS notice 2020-43 tax capital reporting by partnerships?
What would be impact?

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Maybe you can check 1065 2020 instruction draft issued in Oct...

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it’s a giant pain in the ass and clients who aren’t keeping track of tax basis will be bitching about additional billing related to this. It will be interesting to see how software providers respond for that calculation.

It provides greater clarity for when distributions are in excess of basis or losses should be suspended for lack of basis or a partner subject to the at risk limitations.

I already did it in 2019 to prepare for 2020 🤡 then got bitched at for going over budget but the manager knew.
Partner: 😡🤬
Manager & Me : 🤡🤡🤡🤡🤡

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