A Practical Guide to Form 8865 (Currently Unavailable)
Author: Patrick McCormick
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2026 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
Often compared with Form 5471, Form 8865 requires specified United States taxpayers who are partners in foreign partnerships to report their interest. The Internal Revenue Service has increasingly sought to assess penalties against taxpayers who have previously failed to file required information forms.
This program details Form 8865 requirements and assessable penalties - including automatic extensions of Statute of Limitations periods. We'll cover in detail how to best combat penalty assessment and options for penalty mitigation.
Publication Date: March 2023
Topics Covered
- Individual Classification
- Classification of Foreign Entities
- Form 8865 Reporting
- Form 8865 Mechanics
- Schedules K-2 and K-3
- Comparison — Form 5471
- Retroactive Disclosure Options
Learning Objectives
- Identify Form 8865
- Recognize automatic extensions of Statute of Limitations periods
- Determine how to best combat penalty assessment and options for penalty mitigation
Level
Overview
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
