ASCPA Partnership Taxation Advanced Issues (CalCPA Rebroadcasts)

• Slides

• Filing an Administrative Adjustment Request Under BBA - IRS

  • Form 8985 - Detailed Partnership Level Tracking Report

  • Form 8986 - Partners Share of Adjustments on a Push Out

  • Form 8978 - Form to Calculate Tax (and Other Items) for Individual Partner’s Return

  Additional Partnership Issues for Further Study

• §163(j) Final Regulations

• Examples (read only spreadsheet) - should be able to download as XLS

• Tax Basis Capital on K-1 Proposed Methods

  Updates Since Original Recording on August 21

• IRS Makes Permanent Program Allowing e-Signatures for a Specific List of Forms (9/1/21) - For partnerships this means that e-file authorization forms are included. So you can receive your e-file authorizations using any of the e-signature methods mentioned in the article. The IRS last year announced what was called a temporary program to allow for this during the pandemic, but it now appears to be permanent. Previously only individual return authorizations could be electronically signed and then only if knowledge based authentication (KBA) systems were used. No KBA is required under this program, and all entity e-file forms on the authorized list.

• Draft Instructions for Form 1065 (2021) as of November 24, 2021 - The instructions contain a new discussion of how to determine if a partner is a limited partner, citing the Renkemeyer, Campbell & Weaver, LLP v. Commissioner case specifically, more information on tax basis reporting of partners capital accounts, and a reminder about how the syndication rules may require applying the business interest limits under §163(j) to a partnership that otherwise is below the $26,000,000 limits.