Form 8985 is used by partnerships to track amounts of imputed underpayments pushed out to partners under section 6226. There are updated requirements for submitting the Form 8985/8986 packages for pass-through partners in relation to a BBA …

Form 8985 is used to summarize and transmit Forms 8986, Partner's Share of Adjustment (s) to Partnership-Related Item (s), by an audited partnership, administrative adjustment request (AAR) partnership, or pass-through partner. Form 8985 is also used to report payment made and related calculations by a pass-through partner.

Form 8985 (December 2024) Author: SE:W:CAR:MP Subject: Pass-Through Statement Transmittal/Partnership Adjustment Tracking Report \(Required Under Sections 6226 and 6227\) Keywords: Fillable Created Date: 12/10/2024 10:19:25 AM

2020年1月1日 · New Form 8985-V will be used by passthrough partners making certain tax payments related to a BBA partnership AAR or exam push-out. These new forms, once finalized, will be used in filing AARs under the BBA rules, as well as when making a push-out election under Sec. 6226 in the context of an IRS examination adjustment.

2025年1月1日 · The BBA OFSS is an online system created by the IRS for audited partnerships and passthrough partners to electronically submit the forms needed to request a modification or to effectuate a push-out election, including Form 8980, Partnership Request for Modification of Imputed Underpayments Under IRC Section 6225(c); Form 8988, Election for ...

This document provides detailed instructions for completing IRS Form 8985 and Form 8985-V. Designed for pass-through partners, it outlines submission processes and important dates. Follow this guide to ensure accurate filing and compliance with IRS regulations.

2023年4月7日 · If partnership did NOT elect out of CPAR on its adjustment year return - then it needs to file form 1065X-AMENDED RETURN OR ADMINISTRATIVE ADJUSTMENT REQUEST. Along with the form 1065X it must submit form 8985 and 8986 and provide Form 8986 to the partners (assuming it "pushes out" the adjustments".

Form 8985 is used to summarize and transmit Forms 8986, Partner's Share of Adjustment(s) to Partnership-Related Item(s), by an audited partnership, administrative adjustment request (AAR) partnership, or pass-through partner. Form 8985 is also used to report payment made and related calculations by a pass-through partner.

In addition, filers should note that, per the draft instructions and until further notice, audited partnership and pass-through partners must submit Forms 8985 and 8986 to the IRS by fax at the number provided in the draft instructions.