Taxation of Foreign Partnerships and How to Report the Information Required by Form 8865
Author: Robert J. Misey
| 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
U.S. persons with significant interests in foreign partnerships must generally file Form 8865, Return of U.S. Persons with Respect to Certain Foreign Partnerships annually. This Form is used to report information with respect to controlled foreign partnerships, transfers to foreign partnerships and acquisitions, dispositions, and other changes in foreign partnership interests.
Publication Date: November 2023
Topics Covered
- Review of U.S. international outbound tax rules for business
- Discussion of fundamental U.S. international tax reporting rules and obligations of U.S. persons with interests in foreign partnerships
- Purpose of Form 8865
- Structure and preparation of Form 8865
- Treatment of cross-border activities and transactions
- Schedules K-2 and K-3
Learning Objectives
- Recognize how to develop a practical understanding of U.S. international tax rules with respect to foreign partnerships
- Identify the laws behind the information put on Form 8865
- Identify the schedules to properly file Form 8865
- Identify what is an association of two or more persons who carry on as co-owners of a business for profit
- Identify the schedule of Form 8865 that includes the income statement (i.e., trade or business income)
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
