Where do I mail Form 8985 and Form 8985-V?

Mail Form 8985 along with any payment to: Department of the TreasuryInternal Revenue ServiceOgden, UT 84201-0011Checks and money orders should be made payable to“United States Treasury.”Mail Form 8985-V along with your check or money order to:Department of the TreasuryInternal Revenue ServiceOgden, UT 84201-0011

What is Form 8985 used for?

Form 8985 is used to report certain adjustments to items of income, deductions, credits, or other tax-related items for partners in partnerships, S corporation shareholders, and beneficiaries of estates and trusts. It is also used by pass-through partners to pay imputed underpayments.

What is an imputed underpayment?

An imputed underpayment is the amount of additional tax that should have been reported by a partnership, S corporation, estate, or trust but was not. Pass-through partners are required to pay this imputed underpayment.

What are the deadlines for filing Form 8985?

Form 8985 is generally due on the same date as the return of the partnership, S corporation, estate, or trust from which the information is being reported. For pass-through partners making a payment, Form 8985-V and the payment are due within 30 days of the date of notice.

Who needs to file Form 8985?

Partners in partnerships, S corporation shareholders, beneficiaries of estates and trusts, and pass-through partners who need to pay imputed underpayments must file Form 8985.

What information is required on Form 8985?

Form 8985 requires the name, taxpayer identification number (TIN), and address of the partner or shareholder, as well as the adjustments to income, deductions, credits, or other tax-related items. It also includes instructions for reporting adjustments from Schedule K-1, Form 1065, Form 1120S, or Form 1041.

Form 8985-V

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Tax Payment by a Pass-Through Partner

Rev. December 2019

This document is a tax payment instruction for Form 8985-V, issued by the Department of the Treasury and Internal Revenue Service (IRS). The form is used for making payments related to Base Erosion and Anti-Abuse Tax (BEAT) exam push-outs or Alternative Dispute Resolution (AAR) push-outs. Payments can be made only by check or money order, with the voucher enclosed but not attached to the payment. Required information includes: payment type, amount, due date, taxpayer identification number (TIN), form type filed by the partner, partner's representative information, partner's applicable tax year ending date, and pass-through partner information.

Instructions

Form 8985 Instructions - Instructions for Form 8985, Pass-Through Statement - Transmittal/Partnership Adjustment Tracking Report (Required Under Sections 6226 and 6227)

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FAQ

Where do I mail Form 8985 and Form 8985-V?
Mail Form 8985 along with any payment to: Department of the TreasuryInternal Revenue ServiceOgden, UT 84201-0011Checks and money orders should be made payable to“United States Treasury.”Mail Form 8985-V along with your check or money order to:Department of the TreasuryInternal Revenue ServiceOgden, UT 84201-0011
What is Form 8985 used for?
Form 8985 is used to report certain adjustments to items of income, deductions, credits, or other tax-related items for partners in partnerships, S corporation shareholders, and beneficiaries of estates and trusts. It is also used by pass-through partners to pay imputed underpayments.
What is an imputed underpayment?
An imputed underpayment is the amount of additional tax that should have been reported by a partnership, S corporation, estate, or trust but was not. Pass-through partners are required to pay this imputed underpayment.
What are the deadlines for filing Form 8985?
Form 8985 is generally due on the same date as the return of the partnership, S corporation, estate, or trust from which the information is being reported. For pass-through partners making a payment, Form 8985-V and the payment are due within 30 days of the date of notice.
Who needs to file Form 8985?
Partners in partnerships, S corporation shareholders, beneficiaries of estates and trusts, and pass-through partners who need to pay imputed underpayments must file Form 8985.
What information is required on Form 8985?
Form 8985 requires the name, taxpayer identification number (TIN), and address of the partner or shareholder, as well as the adjustments to income, deductions, credits, or other tax-related items. It also includes instructions for reporting adjustments from Schedule K-1, Form 1065, Form 1120S, or Form 1041.

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Tax forms

Form 8985-V is one of Tax forms that are documents used to report income, deductions, and tax liability to the relevant tax authority. These forms are an essential part of the tax filing process and are used to ensure individuals and businesses comply with tax laws and accurately calculate their tax obligations.

The specific tax forms required can vary depending on factors such as an individual's filing status, sources of income, and the country's tax laws. However, here are some common types of tax forms:

Individual Income Tax Forms: These forms, such as the 1040 series in the United States, are used by individuals to report their income, claim deductions and credits, and calculate their tax liability.

Business Tax Forms: Businesses, including sole proprietorships, partnerships, corporations, and self-employed individuals, may have to file various forms to report their income, expenses, and taxes owed. Examples include Schedule C (Profit or Loss from Business) and Form 1120 (U.S. Corporation Income Tax Return).

Employment Tax Forms: Employers are required to report employee wages and withhold and remit payroll taxes. Forms such as W-2 (Wage and Tax Statement) and 941 (Employer's Quarterly Federal Tax Return) are used for this purpose.

Investment and Retirement Account Forms: These forms are used to report investment income, capital gains, and losses, as well as contributions and distributions from retirement accounts. Examples include Form 1099-DIV (Dividends and Distributions) and Form 5498 (IRA Contribution Information).

Estate and Gift Tax Forms: When a person passes away or makes significant gifts, specific forms such as Form 706 (United States Estate (and Generation-Skipping Transfer) Tax Return) and Form 709 (United States Gift (and Generation-Skipping Transfer) Tax Return) are used to report and calculate any applicable estate or gift taxes.

It is important to note that tax laws and forms can change over time, so individuals and businesses should consult the relevant tax authority or seek professional tax advice to ensure compliance with the current requirements.

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