IRS Provides Relief to Domestic Partnerships Caught in GILTI Conundrum

H. Carter HoodPartner, Ivins, Phillips & Barker

The IRS has provided filing relief to U.S. partnerships caught betwixt and between proposed and final guidance that required very different approaches to the reporting of a key income item. The relief should prevent many partnerships from having to make a difficult choice between the headache and expense of re-issuing K-1s or the threat of facing penalties.