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IRS Introduces Draft Form 7217: Implications for Partnership Distributions

Oct 10, 2024 7:30:00 AM

The Internal Revenue Service (IRS) has unveiled draft Form 7217, "Partner's Report of Property Distributed by a Partnership," set for implementation in the 2024 tax year. This new form represents a significant shift in how partners report property distributions from partnerships, and the IRS is currently seeking public comments on both the form and its instructions.

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Christine Gervais

Christine Gervais is a licensed CPA, using her skills to help businesses grow and achieve their fullest potential. Christine has a Master’s degree in accounting from Southern New Hampshire University in addition to holding her CPA license for over a decade. Notably, Christine is a nationally recognized speaker providing education to other CPAs on how to best serve clients as well as instruction on a wide variety of topics for business owners on how to maximize success. Christine prides herself on the value she can bring to clients with her extensive tax knowledge and provides strategic, forward-thinking financial strategies to help clients grow. When not behind her desk, you can find Christine spending quality time with her daughter and stepson or tending to the family’s excessively loved farm animals.

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