Form 8865 Reporting of Foreign Partnership Income and Navigating Rules for Allocable Share of Foreign Income

A live 110-minute CPE webinar with interactive Q&A


Thursday, August 3, 2017 (in 11 days)
1:00pm-2:50pm EDT, 10:00am-11:50am PDT


This webinar will provide tax advisers and return preparers with insights on handling complex challenges when 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.

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

Learning Objectives

Upon completing this webinar, you will be able to:

  • Determine how to arrive at correct data to complete IRS Form 8865
  • Indicate the criteria and reporting requirements for foreign entities to elect their classification for U.S. tax purposes
  • Identify the various Schedules of IRS Form 8865 and their uses
  • Recognize the key U.S. international tax reporting rules and obligations of U.S. persons with interests in foreign partnerships
  • Distinguish between the audit red flags and common, serious errors that the IRS looks for in Form 8865 and its Schedules when net investment income tax must be calculated on IRS Form 8960

Faculty

Alison N. Dougherty, J.D., LL.M., Director
Aronson, Rockville, Md.

Ms. Dougherty has extensive experience assisting clients with U.S. tax reporting and compliance for offshore assets and foreign accounts. She specializes in international tax compliance, planning and structuring as a subject matter leader of her firm's international tax practice. Her responsibilities include U.S. Federal and multi-state tax compliance for C corporations, S corporations, partnerships and individuals. She also provides transactional tax planning and structuring services.

Charles K. Kolstad, Partner
Mitchell Silberberg & Knupp, Los Angeles

Mr. Kolstad focuses his practice on international tax, corporate, and partnership matters. He assists clients in tax and corporate planning relating to the acquisition, disposition and restructuring of businesses, corporations and partnerships both domestically and internationally. He has advised numerous clients, accountants and business managers on dealing with unreported foreign financial accounts and foreign trusts, as well as the reporting requirements for U.S. tax payers with international business operations. Mr. Kolstad also advises foreign individuals moving to the U.S. on pre-immigration, income, gift and estate tax planning opportunities.


Registration per Person for Live Event

Additional lines for this conference can be purchased at 25% off. For orders of five or more lines, further discounts will apply and will be automatically reflected in the cart.

Live Webinar $147.00

Live Webinar & CPE Processing $182.00


CPE per Person on Live Event

Continuing Professional Education credit processing is available for an additional fee. CPE processing must be ordered prior to the event. To qualify for CPE you may not listen via the telephone.

This program is eligible for 2.0 CPE credits.

  • Field of Study: Taxes.
  • Level of Knowledge: Intermediate.
  • Advance Preparation: None.
  • Teaching Method: Seminar/Lecture.
  • Delivery Method: Group-Internet (via computer).
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of verification codes announced throughout the presentation.
  • Prerequisite: Three years plus business or public firm experience at mid-level within the organization, preparing complex tax forms and schedules, supervising other preparers/accountants. Specific knowledge and understanding of handling complex challenges in completing IRS Form 8865 and its associated schedules; familiarity with correctly identifying taxpayer category, determining allocable share of foreign income, and avoiding serious, but common, mistakes.

NOTE: CPE credit processing for all attendees must be ordered by 2pm Eastern the day of the program to receive a Certificate of Attendance within 24 hours.


Recordings

Recorded Event

Includes full event recording plus handouts (available after live webinar).

Note: Self-study CPE and EA credits are not offered on recorded events.

Recorded Webinar Download $147.00
Available 48 hours after the live event

How does this work?

Recorded Audio Download (MP3) $147.00
Available 24 hours after the live event

How does this work?

DVD (Slide Presentation with Audio) $147.00 plus $9.45 S&H
Available ten business days after the live event

How does this work?


Registration Plus Recorded Event

Best value!

Live Webinar & Webinar Download $194.00

Recorded Webinar Download Only $47.00 with Registration/Webinar Combo

Live Webinar & Audio Download $194.00

Recorded Audio Download (MP3) Only $47.00 with Registration/MP3 Combo

Live Webinar & DVD $194.00 plus $9.45 S&H

DVD (Slide Presentation with Audio) Only $47.00 with Registration/DVD Combo


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Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

or call 1-800-926-7926

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CPE Credit

Strafford is a NASBA CPE sponsor and our live webinars qualify for CPE credits. They offer you a high quality, cost effective, and convenient CPE option, with no lost travel time or expenses.

or call 1-800-926-7926

EA Credit

Strafford is an IRS approved continuing education provider and this course is approved for 2 enrolled agent (EA) credit hours.

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Customer Reviews

Excellent seminar! It was efficient and the important topics were covered at just the right pace; no time was wasted covering information that the participants already knew.

Rhonda G. Williams, CPA

Barraclough & Associates

The conference was technical, informative and presented at a good pace.

Krystal Ching

KMH

I purchased the conference a few minutes after it began and the customer service rep was very helpful and got me signed up and logged into the conference very quickly.

Joanna Johnston

Savas Greene & Company

I liked the fact that there was more than one person presenting the material. It's nice to hear multiple perspectives.

Matt Bristow

Cover & Rossiter

I liked the concentration on specific issues and examples.

Edita Rimalovsky

Komisar Brady & Co.

or call 1-800-926-7926

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