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What you should know about Federal Tax Forms
- Form 1065 Schedule B-1 must be attached to Form 1065.
- Schedule B-1 Form 1065 is used to provide information on partners owning 50% or more of the partnership.
- Complete Part I of Schedule B-1 if the partnership answered Yes to Form 1065 Schedule B question 3a.
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About Form 1065 (Schedule B-1)
Form 1065 (Schedule B-1) is an additional schedule that accompanies the U.S. Internal Revenue Service (IRS) Form 1065. Form 1065 is the tax return form used by partnerships to report their income, deductions, gains, losses, and other relevant tax information. Schedule B-1 is used to report specific information about the partnership's interest in foreign partnerships or foreign disregarded entities (FDEs). This is important for partnerships that have investments, activities, or income from foreign sources. Partnerships that meet any of the following criteria generally need to complete Schedule B-1 along with Form 1065: 1. They have an interest in a foreign partnership. 2. They have an interest in a foreign disregarded entity (FDE). 3. They are required to file Form 8858, Information Return of U.S. Persons With Respect to Foreign Disregarded Entities and Foreign Partnerships. 4. They have any reportable transactions with foreign partnerships or FDEs. 5. They received a distribution from, or disposed of an interest in, a foreign partnership or FDE during the tax year. It is crucial for partnerships to accurately complete Schedule B-1 if they fall under any of these categories to ensure compliance with IRS regulations and to properly report their international activities and interests.