The new rules are similar to the rules governing the electronic distribution of 1099s and W-2s. The procedure addresses how partners are to be informed about changes in software, defines how the partnership should provide instructions about accessing and printing electronic statements and the partnership's responsibility if the K-1 undeliverable by electronic means which include posting on websites and emailing.
IRS Sets Out Rules for K-1 Electronic Distribution
The Internal Revenue Service has issued guidance that allows partnerships to send Schedule K-1 to recipients electronically. The guidance, Revenue Procedure 2012-17, describes when these methods can be used and includes the requirement that the partnership must receive the partner's consent before doing so.
