Table of Contents
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The Legacy e-file system will not be available after filing year 2007. Beginning in 2008, partnerships that electronically file Form 1065 must use the Modernized e-file system. See the instructions on page 3 for details.
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Many husband and wife joint ventures can elect to treat each spouse's share of the joint venture results as income of separate sole proprietorships of each spouse for income and self-employment tax purposes. For more details see page 2.
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Many partnerships can elect to figure domestic production activity income at the partnership level and allocate qualified production activity income and Form W-2 wages to each partner. See page 28.
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The extraterritorial income exclusion will not apply to contracts signed after December 31, 2006. See page 13.
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The foreign tax credit categories have changed. See page 32.
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A transfer of partnership property to a partner as part or all of a guaranteed payment is a sale or exchange of the property and must be reported on Schedule D (Form 1065).
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Partnerships must include in income part or all of the proceeds received from certain employer-owned life insurance contracts. See page 16 for details.
The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. Photographs of missing children selected by the Center may appear in instructions on pages that would otherwise be blank. You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child.
If the partnership has attempted to deal with an IRS problem unsuccessfully, it should contact the Taxpayer Advocate. The Taxpayer Advocate independently represents the partnership's interests and concerns within the IRS by protecting its rights and resolving problems that have not been fixed through normal channels.
While Taxpayer Advocates cannot change the tax law or make a technical tax decision, they can clear up problems that resulted from previous contacts and ensure that the partnership's case is given a complete and impartial review.
The partnership's assigned personal advocate will listen to its point of view and will work with the partnership to address its concerns. The partnership can expect the advocate to provide:
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A “fresh look” at a new or ongoing problem,
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Timely acknowledgment,
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The name and phone number of the individual assigned to its case,
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Updates on progress,
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Timeframes for action,
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Speedy resolution, and
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Courteous service.
When contacting the Taxpayer Advocate, the partnership should be prepared to provide the following information.
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The partnership's name, address, and employer identification number.
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The name and telephone number of an authorized contact person and the hours he or she can be reached.
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The type of tax return and year(s) involved.
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A detailed description of the problem.
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Previous attempts to solve the problem and the office that was contacted.
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A description of the hardship the partnership is facing and supporting documentation (if applicable).
The partnership can contact a Taxpayer Advocate as follows.
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Call the Taxpayer Advocate's toll-free number: 1-877-777-4778.
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Call, write, or fax the Taxpayer Advocate office in its area (see Pub. 1546 for addresses and phone numbers).
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TTY/TDD help is available by calling 1-800-829-4059.
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Visit the website at www.irs.gov/advocate.
www.irs.gov to:
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Download forms, instructions, and publications;
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Order IRS products online;
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Research your tax questions online;
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Search publications online by topic or keyword; and
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Sign up to receive local and national tax news by email.
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Current-year forms, instructions, and publications;
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Prior-year forms, instructions, and publications;
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Bonus Historical Tax Products DVD ships with the final release;
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Tax Map: an electronic research tool and finding aid;
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Tax law frequently asked questions (FAQs);
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Tax Topics from the IRS telephone response system;
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Fill-in, print, and save features for most tax forms;
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Internal Revenue Bulletins; and
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Toll-free and email technical support.
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