IRS issues new instructions on providing partners with Schedules K-1 in exclusively electronic form

New instructions from the IRS—effective February 13, 2012—detail the procedure that partnerships must undertake when furnishing partners with Schedules K-1 in an electronic format. Consent required. Under the new procedure, persons required to furnish a paper statement on Schedule K-1 may provide the document in an electronic, rather than paper, format. Switching to an exclusively…