K-1 TAX PACKAGE INFORMATION – CEQP/CEQP-P

K-1 TAX PACKAGE INFORMATION – CEQP/CEQP-P

The 2023 tax packages for CEQP and CEQP-P are now available online and will be mailed from March 20, 2024 through March 27, 2024. The information reported on the tax packages is based on tax laws in effect for 2023.

On November 3, 2023, Energy Transfer LP (ET) and Crestwood Equity Partners LP (CEQP) completed their previously announced merger, in which ET acquired CEQP. Effective with the opening of the market on November 3, 2023, CEQP ceased to be a publicly-traded company and its common stock and preferred units, previously listed on the NYSE under the tickers symbol “CEQP” and “CEQP-P,” respectively, discontinued trading. For more information on the merger, click here. ( Press Release )

For tax year 2023, former CEQP unitholders that held CEQP units in 2023, but sold prior to the merger with ET are expected to receive a CEQP Schedule K-1 for the period from January 1, 2023 through November 2, 2023.

For tax year 2023, former CEQP unitholders that received ET units in 2023 via the ET/CEQP merger are expected to receive two tax packages – one for CEQP for the period from January 1, 2023 through November 2, 2023, as well as one for ET for the period from November 3, 2023 through December 31, 2023.

Will pending legislation H.R. 7024 affect my tax filings for CEQP?
Pending legislation H.R. 7024 Tax Relief for American Families and Workers Act of 2024 (“H.R. 7204”) was passed by the House on January 31, 2024 and is currently pending review in the Senate. Should H.R. 7204 in its current form be signed into law, it may require us to issue you a revised K-1. If a revised K-1 is required to be sent and you have already filed your 2023 return(s), you will need to review the revised K-1 to determine whether you will need to file an amended or superseded tax return. Please consult your tax advisor to understand how the passage of H.R. 7204 may impact your returns.

Will pending legislation H.R. 7024 affect my tax filings for CEQP-Q?
If the pending legislation (H.R. 7024) is signed into law, it is not expected to affect tax filings for CEQP-P.

Click here to access K-1 and K-3 tax packages for 2021 and 2022, as well as 2023 K-1 tax packages.

Please note, if needed, 2023 Schedule K-3s are expected to be available at the links above by mid-summer 2024.

 

If you need to make any changes or corrections to your K-1, please call Tax Package Support at the respective number below.

  • CEQP Common Units
    1 (800) 230-1134
  • CEQP 9.25% Preferred Units
    1 (844) 364-7567
  • Oasis Midstream Partners
    1 (833) 608-3510

 

Information Related to Electronic Delivery of K-1s

In an effort to help the environment, Energy Transfer is offering former Crestwood unitholders the option to sign up for electronic delivery of their CEQP and/or CEQP-P K-1s. The paperless K-1 election can be made online at the links shown above.

If you elect electronic delivery of your CEQP and/or CEQP-P K-1s, you will cease to receive a copy in the mail. Instead, an email notification will be sent to you when your CEQP and CEQP-P K-1 is available online.

Your K-1 Tax Package will include the following:

  • Schedule K-1 (Form 1065)
  • State Schedule
  • Ownership Schedule
  • Sales Schedule (only if units were sold in 2023)
  • Schedule K-1 Supplemental Information
  • Individualized Income Tax Reporting Package Instructions
  • Partner's Instructions for Schedule K-1 (Form 1065)

Please contact the respective K-1 Tax Package Support Center to assist in the following:

  • Obtain copies of missing or lost K-1’s for the current and two previous tax years (Please be aware that the K-1 Tax Package Support Center does not have access to older K-1 information)
  • Correct errors or omissions in your ownership history
  • Correct your account information including name, address or type of account. Please contact your broker to update and make the changes as well.
  • Accessing K-1s online (if having trouble doing so)

QUALIFIED NOTICE

We are required to provide qualified notice to brokers and nominees that hold Crestwood units on behalf of non-U.S. investors under Treasury Regulation Sections 1.1446-4(b) and (d) and 1.1446(f)-4(c)(2)(iii). Brokers and nominees should treat one hundred percent (100.0%) of Crestwood’s distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. In addition, brokers and nominees should treat one hundred percent (100%) of the distribution as being in excess of cumulative net income for purposes of determining the amount to withhold. Accordingly, Crestwood’s distributions to non-U.S. investors are subject to federal income tax withholding at a rate equal to the highest applicable effective tax rate plus ten percent (10%). Nominees, and not Crestwood, are treated as the withholding agents responsible for withholding on the distributions received by them on behalf of non-U.S. investors.

Separately, for the purposes of withholding on sales transactions by non-U.S. investors under Treasury Regulation Section 1.1446(f)-4(a)(2), brokers should treat one hundred percent (100%) of the proceeds attributable to the sale of Partnership units as being attributable to a U.S. trade or business.

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