"Shocking New IRS Form 7217: Are Your Partnership Distributions at Risk?" Is the IRS about to overhaul how partners report their earnings? Are you prepared to navigate the latest labyrinth of tax requirements? Introducing Form 7217—the new must-have for partnerships distributing property in 2024. Are you ready to comply, or will you be caught unaware? Read on to find out what this means for you and your business. The 7 Things You NEED to Know About IRS Form 7217: New Form for 2024 : The IRS has released Form 7217, titled “Partner’s Report of Property Distributed by a Partnership,” which applies to property distributions for the 2024 tax year. Mandatory Reporting for Partners : Any partner receiving a property distribution must complete Form 7217, even if no basis adjustment is made. Not Applicable to Cash Distributions : If your partnership distribution only involves money or marketable securities treated as money, Form 7217 is not required. Basis Reporting Requirement : Th...