Webinar: Form 8865 - Reporting of Foreign Partnership Income
On August 3rd, join Charles Kolstad for an in-depth Strafford webinar on “Form 8865 Reporting of Foreign Partnership Income and Navigating Rules for Allocable Share of Foreign Income.” Charles will provide tax advisers and return preparers with insights on handling complex challenges when completing Form 8865 and its associated Schedules, and will be joined by international tax expert Alison Dougherty.
Filing Form 8865 requires the presentation of data ranging 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 record-keeping to compiling data and correctly following IRS regulations and instructions. The IRS’s 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 IRS started automatically imposing hefty penalties on late and non-filers in the past few years.By completing this webinar, attendees 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
