Form 8985 is used by partnerships to track amounts of imputed underpayments pushed out to partners under section 6226.

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6月1日 · 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 …

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.

2022年12月8日 · A pass-through partner that receives a Form 8986 must submit Form 8985 and Form 8986 to the IRS and furnish a Form 8986 to each owner or beneficiary no later than the extended due date for the tax year in which the partnership filed the AAR.

2024年6月1日 · For tax years beginning in 2018 and after, partnerships subject to the BBA regime that seek to adjust a partnership-related item reflected on an original Form 1065 or Schedule K-1 generally must file an administrative adjustment request (AAR) under Sec. 6227.

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.

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.