Form 8865 Reporting of Foreign Partnership Income and Navigating Rules for Allocable Share of Foreign Income
Recording of a 110-minute CPE webinar with Q&A
This course 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.
Outline
- Purpose of Form 8865
- IRS enforcement and audit environment to date
- Preparation of Form 8865
- Schedules
- 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
Alison N. Dougherty, J.D., LL.M.
Director
Aronson
Ms. Dougherty has extensive experience assisting clients with U.S. tax reporting and compliance for offshore assets and... | Read More
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.
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Charles K. Kolstad
Partner
Mitchell Silberberg & Knupp
Mr. Kolstad focuses his practice on international tax, corporate, and partnership matters. He assists clients in... | Read More
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.
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