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

Jun 1, 2020 · Form 8985: An audited partnership, an AAR partnership, or a passthrough partner uses Form 8985, Pass-Through Statement — Transmittal/Partnership Adjustment Tracking Report, to summarize and transmit Forms 8986, Partner’s Share of Adjustment(s) to Partnership-Related Item(s) (passthrough statement). Form 8985 is also used to report payment ...

Jan 1, 2020 · 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.

Jan 1, 2025 · 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 ...

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.

If the pass-through partner is paying the imputed underpayment, it must pay the amount and file Form 8985 with the IRS. If the pass-through partner is pushing out the adjustments, it must furnish each of its partners for the year to which the adjustments relate a Form 8986 and file Form 8985 and copies of the Form 8986s with the IRS.