Form 8865 Lacerte

Technical topics regarding tax preparation.
#1
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Need to file a 8865 along with a 1040, I do not see this supported in Lacerte. I assume I will manually prepare and attach?
 

#2
MilesR  
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Yep, you have to manually prepare and then attach to the return.
 

#3
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MilesR wrote:Yep, you have to manually prepare and then attach to the return.


Thanks, I wouldn't want a $20K tax software to not prepare a basic form...
 

#4
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You want to confirm that the foreign entity is properly classified as a partnership. Foreign limited liability companies default to be classified as corporations. Foreign limited liability companies are only treated as partnerships for US tax purposes if a Form 88332 has been filed.
 

#5
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It's a British LLP
 

#6
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Side note, anyone know how to enter in the K1 despite no FEIN in Lacerte (critical diagnostic)
 

#7
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British LLPs have limited liability, I believe. If so, it would be a corporation.
 

#8
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Unless an entity classification election was filed
 

#9
Guya  
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A UK LLP is not a partnership, so Forms 926 and 5471 would be prepared - not Form 8865. CFC, SubPart F, GILTI and PFIC rules may all need to be addressed - along with getting the reporting refigured using US GAAP.
PS – Greeting from London, England. Grey and rainy ...
 

#10
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You are right. Here I am thinking a LLP is a partnership :)
 


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