Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

448(c) - remove prior years' gross receipts lines from disclosure

ABACPA
Level 1

In the partnership program, if the gross receipts are greater than $5M or you check the box to disclose even if less than $5M (Screen 22), the program reports each partner's share of current gross receipts and the prior 3 years' gross receipts (from the data in Screen 5).   However, there is no requirement listed in the form instructions to disclose the prior years' gross receipts.   The exact instructions are "Partnerships with gross receipts greater than$5 million are required to report to their partners their distributive share of current year gross receipts."

Because there is no requirement to report the prior years' gross receipts, I would prefer not to report them rather than be responsible for whether or not the numbers are correct or are correctly allocated among the partners.  However, even we remove the prior year's gross receipts data from screen 5, the program still includes the lines on the disclosure for the prior 3 years but showing the gross receipts for year to be zero.  

Please give us an option to not report the prior 3 year's gross receipts at all, and only report one line for the current year's gross receipts, without 3 additional lines with zeros.