The purpose of this Revenue Procedure is to set out guidelines for electronic delivery, as well as the process for obtaining the required partner’s consent for such electronic delivery. When pull technology is used, the partners are typically informed about the availability of their K-1’s via an email or a posting on the partnership’s website. Electronic delivery typically occurs via email (push technology) or via download from a website (pull technology). Through advances in technology, the distribution of K-1’s to partners, which historically occurred via mail or hand delivery, is often replaced by electronic delivery. Partnerships that fail to make this timely delivery are subject to penalties. Partnerships are required to issue K-1’s to their partners by the due date of the partnership tax return, including extensions. The IRS recently issued Revenue Procedure 2012-17, which describes the procedures that partnerships must follow if they electronically deliver Schedule K-1 of Form 1065 (“K-1’s”) to their partners.
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