Form 8865: Reporting Foreign Partnership Income

Navigating Rules for Allocable Share of Foreign Income

Recording of a 110-minute CPE webinar with Q&A

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Conducted on Tuesday, December 1, 2015

Recorded event now available

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Course Materials

This course will provide tax advisers and return preparers with insights in handling complex challenges in completing Form 8865 and its associated schedules. The panel will explain approaches for correctly identifying taxpayer category, determining allocable share of foreign income, and avoiding serious, but common, mistakes.

Description

Filing Form 8865 requires presentation of data that ranges from simple to highly complex on the return and its associated Schedules A, B, C, K, L and N. Correctly completing the form involves hours of intensive work, from proper recordkeeping to compiling data and correctly following IRS regs and instructions.

The IRS emphasis on international tax compliance makes accurate compliance with this return a much greater priority. Though in past years the IRS imposed penalties for late or non-filing selectively, the Service started automatically imposing hefty penalties on late and non-filers in the past few years.

Our panel of experienced tax advisers will explain the nuances, audit red flags and common pitfalls involved in completing Form 8865 and its schedules. They will offer lessons from the field to arm you with the knowledge and tools to efficiently confront and overcome the reporting and compliance challenges.

Listen as our panel identifies and explains the most difficult aspects of preparing Form 8865 for reporting foreign partnership income. The panel will outline approaches for you to properly identify taxpayer category, determine allocable share of foreign income, and stay ahead of potential audit red flags and common errors.

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Outline

  1. Purpose of Form 8865
  2. IRS enforcement and audit environment to date
  3. Preparation of Form 8865
  4. Schedules
  5. Difficult compliance issues related to Form 8865

Benefits

The panel will prepare you to:

  • Understand the purpose of Form 8865, the categories of U.S. persons required to file, and gather data to correctly determine allocable share of partnership income
  • Report the income and expense statements and balance sheets for taxpayers with 10% or more interest in a foreign partnership or flow-through LLC
  • Grasp key U.S. international tax reporting rules and obligations of U.S. persons with interests in foreign partnerships
  • Avoid audit red flags and common, serious errors that the Service looks for in Form 8865 and its schedules

Faculty

Dougherty, Alison
Alison N. Dougherty, J.D., LL.M.
Senior Tax Manager
Aronson

Ms. Dougherty specializes in corporate tax, partnership tax, international tax and real estate tax. She has expertise...  |  Read More

Kolstad, Charles
Charles K. Kolstad
Of Counsel
Venable

Mr. Kolstad focuses his practice on international tax, corporate, and partnership matters. He assists clients in...  |  Read More

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