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Form Schedule K-1 (1065-B) Arlington Texas: What You Should Know
This change was made in 2016, when the IRS required reporting on a Form 8886. (The tax return that the LLC filed with the IRS was automatically corrected when they found out.) Filed by Mark J. Tull is. Forms filed on the 2023 Schedule K-1 do not include Form 8886. Instead, the LLC attached Form 8886, the “Active Member's Report.” The Form 8886 is not filed with Schedule K-1. However, the LLC is required to prepare a Form 1065-B attachment to its Schedule K-1. IRM 188.8.131.52(8) This Form 8886, which would provide more detailed information on the activities of its active members (see example below): “As of and for the period beginning with the calendar year, and ending December 31, 2005, the total of all amounts paid or incurred by the taxpayer as compensation, as an investment in an active and continuing trade or business, as wages or as other compensation or income of a passive nature (other than amounts described in (1) to (3) below) during such period to each of the 10 active members in an amount equal to or exceeding 1% but not to exceed 8% of the net income of the Partnership for such period. All amounts so paid or incurred are shown in the Partner's Active Member's report (Form 1065-B): (1) If the active member is a foreign partnership, it is shown as “F” and has a box in the Active Member's report to the following effect: (a) the number of its active members; (b) the name of one partner(s); (c) the number of its controlled foreign corporations, partnerships, limited liability companies, or other foreign partnerships and controlled U.S. corporations (as defined in Regulations section 1.976-4(d)).
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