Revised Federal Forms 1120 and 1065: Meeting the New IRS Demands

Compliance Strategies for Obtaining and Reporting Detailed Ownership Information

Recording of a 100-minute CPE/CLE webinar with Q&A

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Conducted on Wednesday, August 12, 2009

Course Materials

This seminar will bring corporate tax staff and their advisors up to date on the new requirements for Form 1120 and Form 1065, review the compliance challenges facing businesses, and outline steps to fine tune compliance efforts.


Effective with 2008 tax year returns filed in 2009, U.S. companies and partnerships must provide the IRS with significant additional information about ownership as they file Form 1120 and Form 1065.

The IRS recently released revised Schedules B and K for Form 1120 filers and revised Schedules B, C and K-1 for Form 1065 filers. Corporations now must reveal more about direct and indirect ownership of affiliated groups as well as allocations, transfers of interest and cost-sharing arrangements.

In a similar vein, partnerships must tell when ownership meets certain percentage thresholds and report cancelled debt and like-kind exchanges. Companies and their affiliated partnerships face significant challenges in changing processes to gather data and filing the first compliant returns.

Listen as our panel of veteran tax advisors helps to demystify the new requirements for Form 1120 and Form 1065 filers so that your company can plan and fine tune compliance.



  1. Form 1120 revisions
    1. Changes to Schedule K for direct and indirect ownership structures
    2. New Schedule B for Schedule M-3 filers
      1. Cost allocation and cost sharing arrangements
      2. Transfers of interest
    3. Other schedules, reporting information
  2. Form 1065 revisions
    1. New Schedule B, new ownership disclosures
    2. New Schedule C, for cost sharing and changes in accounting methods
    3. Changes to Schedule K-1
    4. Other schedules, reporting information
  3. Necessary compliance changes to correctly file Forms 1120 and 1065
    1. Meeting IRS goal of increased transparency of ownership and relationships among entities
    2. Establishing ongoing structures to gather necessary information


The panel will brief corporate tax staff and their advisors on how to handle these and other challenges with the revised schedules:

  • Mastering the new ownership standards: How direct and indirect ownership must be reported and when it meets the government's thresholds.
  • Complying with other Form 1120 requirements: Processes to gather needed data on allocations, transfers of interest, cost-sharing and changes in accounting methods.
  • Meeting additional Form 1065 demands: Establishing compliance with cancelled debt, like-kind exchanges, related-party transactions, allocations, partners' share of profits and other issues.


Jim Calzaretta
Jim Calzaretta

He is the head of the S Corp Tax Practice in the firm's Washington National Tax Office. He specializes in tax...  |  Read More

Rick Olson
Rick Olson
Principal, Corporate Tax
Larson Allen

He leads Larson Allen’s Tax Outsourcing Practice, and has prior experience as Tax Director at Land O’Lakes...  |  Read More

Jamie Lewis
Jamie Lewis
Senior Tax Manager
Clifton Gunderson

He has more than ten years of experience, including several years with a “Big 4” accounting firm. He...  |  Read More

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