Are you a US expat who is a partner in a US domestic partnership or taxed as a partnership for federal tax purposes or a partner in a foreign partnership?
Universal Tax Professionals can assist you with your annual US and foreign partnership filing requirements.
Our preparation services for partnership tax compliance include the following forms:
- Form 1065, US Return of Partnership Income
- Form 8832, Entity Classification Election
- Form 8865, Return of U.S. Persons with Respect to Certain Foreign Partnerships
Return Due Dates
- Form 1065 – due on the 15th day of the 3rd month after the end of the entity’s tax year; generally due March 15 for a calendar-year entity
- Form 8832 – 75 days prior to the date the election is filed specifying an eligible entity’s classification
- Form 8865 – must be filed with the US partner’s individual income tax return, as of that return’s due date, generally April 15
Form 8865, Return of US Persons with Respect to Certain Foreign Partnerships, is required to be filed by US persons who have a controlling interest (50% or more) in a foreign partnership (or an entity electing to be taxed as a partnership), or who own 10% of a foreign partnership together with another US person who holds a controlling interest.
A US person who is a partner in a foreign partnership (or an entity electing to be taxed as a partnership) must file Form 8865 to report the income and other financial information of the partnership and report certain transactions between the partner and the partnership. The form is required to be filed with the US partner’s individual income tax return, generally by April 15.
Form 8865 does not tax the foreign partnership; it merely discloses the taxpayer’s interest/ownership in the entity. Any income received from the partnership will be reported elsewhere on the US partner’s individual income tax return for it to be taxed accordingly.
A controlled foreign corporation (CFC) with multiple owners electing to be taxed as a disregarded entity on Form 8832 should file Form 8865 and file a Form K-1 for each US partner.
Need to Get Your US or Foreign Partnership Return Filed?
Our partnership tax return preparation packages are flat-rate fees, depending on your partnership filing requirements’ complexity. Contact us today to get started!