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IRS Issues Revenue Procedure 2012-17
On Feb. 13, 2012, the Internal Revenue Service issued Revenue Procedure 2012-17, which in part provides that partnerships may furnish their partners with an electronic copy of their Schedule K-1 if the partner has affirmatively consented to receive the K-1 in electronic format, such as in pdf form in an e-mail.
The Revenue Procedure provides several examples of methods that firms can use to receive confirmation of a partner's consent. Among other things, firms must: 1) provide a disclosure statement, including instructions on how to access and print the statement; 2) define the scope and duration of the consent, and the partner must be informed that he/she can withdraw the consent in writing; 3) indicate whether a subsequent request by the partner for a paper copy of his/her K-1 will be deemed a withdrawal of consent; 4) describe the hardware and software that will be necessary to access, print and retain the K-1, when the K-1 will no longer be available on the website, and inform the recipient that the Schedule K-1 may be required to be printed and attached to a federal, state or local income tax return; 5) state the conditions under which the firm will no longer furnish a K-1 electronically (for example, the recipient partner's withdrawal from the partnership); 6) state that the recipient will receive a paper K-1 if consent is not obtained.
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