AICPA asks IRS to simplify revised version of Form 8308

August 14, 2024

The 2023 version of Form 8308, Report of a Sale or Exchange of Certain Partnership Interests requires partnerships to report information contingent upon the finalization of substantially all of a partnership’s tax return by January 31, months in advance of the due dates for Form 1065 and related Schedules K-1.

These new filing requirements burden taxpayers and tax practitioners by mandating the duplicate reporting of information already required to be reported on Schedules K-1, the AICPA argued in recent comments to the IRS.

The AICPA urged the IRS and Treasury to simplify the onerous new filing requirements mandated by the revised version of Form 8308, noting that the January 31 deadline for this reporting requirement makes it more difficult for taxpayers and tax practitioners to calculate, prepare and file on time. See the AICPA’s recommendations.

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