New partnership form will be easy to miss or mess up

Posted February 3rd, 2010 by admin

The IRS has issued new partnership Form 1065, Information on Partners Owning 50% or More of the Partnership. This form hasn’t been required in the past. Since ownership includes attribution from certain family members and trusts, several partners in a family partnership could show ownership interests up to 100%. (The attribution rules are complex and beyond the scope of this alert. Get professional advice.) It will look weird because the percentages might add up to more than 100%.

IRS Circular 230 Disclosure: As required by U.S. Treasury Regulations, you are hereby advised that any written tax advice contained in this communication was not written or intended to be used (and cannot be used) by any taxpayer for the purpose of avoiding penalties that may be imposed under the U.S. Internal Revenue Code.