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PostHeaderIcon IRS Seeks In-Depth Info

The IRS is proposing changes to how corporations and partnerships report their taxes. As I understand it, they are basically asking for more in-depth ownership information from these types of business entities.

As I understood it, the gist is that the government wants to know the names and numbers of anyone who owns more than 10% of the stock in a corporation and more than 10% interest in a partnership. They also want to know from the corporations and partners what businesses or assets they (they being the corporate or partnership entity) own more than 10% of.

To my non-tax person’s eyes this looks like a way to clean up dodgy tax reporting and offshore tax shelters since the new forms will require reporting of both foreign and domestic ownership.

The good news is that these new forms appear to only apply to large, complex entities. There are income thresholds involved, both for those who would have to use the new forms, and a new minimum that will (slightly) decrease the amount of tax paperwork smaller businesses have to file.

After a bit of digging around on the IRS website I was unable to find the original press release. I’m sure there was one because the two articles I read on the subject, at accountingweb and at smbiz.com, read identically, nearly word-for-word.

Both the above linked articles have links to the proposed forms on the IRS website. If adopted, these forms would kick in for tax years ending on or after 12/31/08. The IRS is accepting public input and commentary on the new forms until 9/14/07.

IRS Tax Info for Partnerships Page

IRS Tax Info for Corporations Page

Both of the above have links to the new forms, too.

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