A Practical Guide to Form 8865

Author: Rita M. Ryan, Tonya S. James

The IRS has increased its emphasis on international tax compliance has, in more recent years, concentrated on Taxpayers with business dealing abroad – including foreign partnership interests. This webinar will provide tax advisers and return preparers with a practical guide to completing Form 8865, Return of U.S. Persons with Respect to Certain Foreign Partnerships.

We will discuss how to correctly identify those taxpayers who own a “qualifying interest” in a foreign partnership and will also provide practical guidance.

Publication Date: August 2019

Designed For
Tax advisers and return preparers looking for a practical guide to completing Form 8865.

Topics Covered

• Introduction to and Purpose of Form 8865
• What is a Foreign Partnership?
• Categories of Filers
• Preparation of Form 8865
• Form 8865 — Specific Schedules
• Common Errors and Compliance Issues
• Enforcement and Audit Environment
• Penalties
• Compliance Clean‐Up

Learning Objectives

• Recognize how to complete Form 8865
• Identify taxpayers who own a "qualifying interest" in a foreign partnership and will also provide practical guidance
• Recognize when a U.S. person must file Form 8865 under category 1
• Describe a partnership
• Describe the term "interest", in the context of parternships
• Recognize Form 8865 new schedules relative to Section 721(c) Partnerships
• Identify common errors and compliance issues for completing Form 8865
• Identify way(s) to fix the non-filing of Form 8865
• Recognize how Form 8865 is used to report information
• Recognize how partners are categorized
• Identify penalties the IRS may impose
• Recognize what type of filer is not allowed to use the Delinquent Information Return Submission Procedures

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None