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Irs Filing Deadline

Irs filing deadline Publication 179 - Introductory Material Table of Contents Acontecimientos futuros Qué hay de nuevo Recordatorios Calendario Introduction Acontecimientos futuros Si desea obtener la información más reciente sobre todo acontecimiento relacionado con la Publicación 179, tal como legislación promulgada después de que ésta fue publicada, acceda a www. Irs filing deadline irs. Irs filing deadline gov/pub179. Irs filing deadline Qué hay de nuevo Contribuciones al Seguro Social y al Medicare para el 2014. Irs filing deadline  La tasa de contribución para el Seguro Social permanece en 6. Irs filing deadline 2% tanto para el empleado como para el patrono. Irs filing deadline La base límite de salario para el Seguro Social es $117,000. Irs filing deadline La tasa de la contribución al Medicare es 1. Irs filing deadline 45% tanto para la parte del empleado como la del patrono, la misma tasa que correspondió para el año 2013. Irs filing deadline No hay límite sobre la cantidad de salarios sujetos a la contribución al Medicare. Irs filing deadline Las contribuciones al Seguro Social y al Medicare se aplican a los salarios de empleados domésticos a quienes usted les paga $1,900 o más en efectivo o de una forma equivalente de remuneración. Irs filing deadline Las contribuciones al Seguro Social y al Medicare se aplican a los trabajadores electorales a quienes se les paga $1,600 o más en efectivo o una remuneración equivalente. Irs filing deadline Cambio de parte responsable. Irs filing deadline  Comenzando el 1 de enero del 2014, toda entidad jurídica que tiene asignado un número patronal tiene que presentar el Formulario 8822-B Change of Address or Responsible Party—Business (Cambio de dirección o Parte Responsable— de negocios), en inglés, para informar si ha cambiado la parte responsable del negocio. Irs filing deadline El Formulario 8822-B tiene que presentarse dentro de los 60 días que cambió la parte responsable. Irs filing deadline Si el cambio de la parte responsable ocurrió antes del año 2014 y no se ha notificado el cambio anteriormente al IRS presente el Formulario 8822-B antes del 1 de marzo del 2014 e informe solamente el cambio más reciente. Irs filing deadline Para la definición de “parte reponsable” vea las Instrucciones del Formulario SS-4PR Solicitud de Número de Identificación Patronal (EIN). Irs filing deadline Matrimonio entre personas del mismo sexo. Irs filing deadline . Irs filing deadline  Para propósitos de las contribuciones federales, las personas del mismo sexo se consideran casados legalmente ​​si se casaron en un estado (o país extranjero) cuyas leyes autorizan el matrimonio de personas del mismo sexo, aunque el estado (o país extranjero) en el que ahora viven no reconozca el matrimonio entre personas del mismo sexo. Irs filing deadline Para obtener más información, consulte el Revenue Ruling 2013-17 (Reglamento de Rentas Internas 2013–17) disponible en www. Irs filing deadline irs. Irs filing deadline gov/irb/2013-38_IRB/ar07. Irs filing deadline html. Irs filing deadline El Notice 2013-61 (Aviso 2013-61) establece los procedimientos administrativos especiales para los patronos hacer reclamaciones para el reembolso o los ajustes de los pagos en exceso al Seguro Social y al Medicare con respecto a ciertos beneficios entre cónyuges del mismo sexo antes de la expiración del periodo de prescripción. Irs filing deadline El Aviso 2013-61 que aparece en la página 432 del Internal Revenue Bulletin (Boletín de Rentas Internas 2013-44), en inglés, está disponible en www. Irs filing deadline irs. Irs filing deadline gov/irb/2013-44_IRB/ar10. Irs filing deadline html. Irs filing deadline Recordatorios Retención de la Contribución Adicional al Medicare. Irs filing deadline  Además de la retención de la contribución Medicare de 1. Irs filing deadline 45%, usted tiene que retener la Contribución Adicional al Medicare de 0. Irs filing deadline 9% de los salarios en exceso de $200,000 que le paga a un empleado en un año natural. Irs filing deadline Se le requiere a usted que comience a retener la Contribución Adicional al Medicare en el período de paga en el cual usted le paga salarios en exceso de $200,000 a un empleado. Irs filing deadline Continúe reteniendo esta Contribución Adicional al Medicare en todo período de paga hasta que finalice el año natural. Irs filing deadline La Contribución Adicional al Medicare sólo se le impone al empleado. Irs filing deadline No hay una porción correspondiente al patrono de la Contribución Adicional al Medicare. Irs filing deadline Todos los salarios que están sujetos a la contribución Medicare, están sujetos a la retención de la Contribución Adicional al Medicare si éstos exceden el límite de $200,000. Irs filing deadline Si desea más información sobre cuáles salarios están sujetos a la Contribución Adicional al Medicare, vea la tabla Reglas especiales para varias clases de servicios y de pagos , en el apartado 15 de esta publicación. Irs filing deadline Para más información, sobre la Contribución Adicional al Medicare visite IRS. Irs filing deadline gov y escriba “ Additional Medicare Tax ” en inglés, en la casilla Search (Buscar). Irs filing deadline La información está disponible en inglés. Irs filing deadline El crédito contributivo por oportunidad de trabajo para organizaciones calificadas exentas de contribución que contratan a veteranos calificados ha sido extendido. Irs filing deadline . Irs filing deadline  El crédito contributivo por oportunidad de trabajo está disponible para veteranos desempleados que reúnan los requisitos que comiencen a trabajar antes del 1 de enero de 2014. Irs filing deadline Anteriormente, el crédito estaba disponible para veteranos desempleados quienes comenzaron a trabajar a partir del 22 de noviembre de 2011, y antes del 1 de enero de 2013. Irs filing deadline Las organizaciones exentas de contribuciones calificadas que contratan veteranos desempleados que reúnan los requisitos pueden reclamar el crédito contributivo por oportunidad de trabajo contra su contribución sobre la nómina utilizando el Formulario 5884-C, Work Opportunity Credit for Qualified Tax-Exempt Organizations Hiring Qualified Veterans (Crédito por oportunidad de trabajo para organizaciones exentas de contribuciones calificadas que contratan a veteranos calificados), en inglés. Irs filing deadline Si desea más información, visite IRS. Irs filing deadline gov y escriba “work opportunity tax credit” (crédito contributivo por oportunidad de trabajo), en inglés, en la casilla Search (Buscar). Irs filing deadline La información está disponible en inglés. Irs filing deadline Externalización de las obligaciones de la nómina. Irs filing deadline . Irs filing deadline  Los patronos son responsables de asegurar que las planillas de contribución se radiquen y que los depósitos y pagos se hagan, aun si el patrono contrata los servicios de un tercero para hacerlo. Irs filing deadline El patrono sigue siendo el responsable aun si el tercero no cumple con la acción requerida. Irs filing deadline Si opta por externalizar cualquier parte de su nómina y las obligaciones relacionadas con las contribuciones (es decir, retención, declarar y pagar las contribuciones al Seguro Social, al Medicare y FUTA) a un tercero pagador, tal como un proveedor de servicios de nómina o agente de reportación, visite el sitio web IRS. Irs filing deadline gov y escriba “outsourcing payroll duties” (externalización de las obligaciones de nómina) en la casilla “Search” (Buscar), para información útil sobre este tema. Irs filing deadline Dicha información está disponible en inglés. Irs filing deadline El crédito de asistencia para las primas COBRA. Irs filing deadline  El crédito por asistencia en los pagos de las primas COBRA se aplica a las primas pagadas por un máximo de 15 meses para los empleados que fueron despedidos entre el 1 de septiembre de 2008 y el 31 de mayo de 2010. Irs filing deadline Vea COBRA premium assistance credit (Crédito de asistencia para las primas COBRA) en inglés, en la Publicación 15. Irs filing deadline Vea la sección Crédito de asistencia para las primas de COBRA para detalles sobre el crédito. Irs filing deadline El Formulario 944-PR está descontinuado. Irs filing deadline  El Formulario 944-PR, Planilla para la Declaración Federal ANUAL del Patrono, ya no estará disponible después de 2011. Irs filing deadline A partir del año contributivo 2012, los patronos que anteriormente presentaban el Formulario 944-PR presentarán anualmente el Formulario 944(SP), Declaración Federal ANUAL de Impuestos del Patrono o Empleador. Irs filing deadline Por otra parte, los contribuyentes pueden solicitar que se les permita la radicación trimestral con el Formulario 941-PR, Planilla para la Declaración Federal TRIMESTRAL del Patrono, en vez del Formulario 944(SP) (o el Formulario 944, en inglés). Irs filing deadline Para más información, consulte las Instrucciones para el Formulario 944(SP). Irs filing deadline Para solicitar que se le permita radicar los formularios trimestrales 941-PR para informar sus contribuciones al Seguro Social y Medicare del año 2014, debe llamar al IRS al 1-800-829-4933 o al 267-941-1000 (llamada con cargos) a más tardar el 1 de abril de 2014. Irs filing deadline O, puede enviar una solicitud por escrito (el matasellos debe estar fechado en o antes del 15 de marzo de 2014). Irs filing deadline Después de comunicarse con el IRS, el IRS le enviará una notificación por escrito indicándole que su requisito de presentación ha cambiado. Irs filing deadline Si usted no recibe este aviso, debe presentar el Formulario 944(SP) para el año natural 2014. Irs filing deadline Para más información, consulte ¿Qué ocurre si quiere presentar Formularios 941, 941-SS o 941-PR en lugar del Formulario 944 (en inglés) o 944(SP)?, en las Instrucciones para el Formulario 944(SP) de 2013. Irs filing deadline Usted tiene que recibir un aviso escrito del IRS para poder radicar el Formulario 944(SP). Irs filing deadline  Si usted ha estado radicando los Formularios 941-PR y cree que sus contribuciones sobre la nómina para el año natural serán $1,000 o menos y desea radicar el Formulario 944(SP) (o el Formulario 944, en inglés) en vez de los Formularios 941-PR, tiene que comunicarse con el IRS para solicitar el permiso para poder radicar el Formulario 944(SP). Irs filing deadline Antes de que pueda radicar este formulario, tiene que recibir un aviso escrito de parte del IRS que le otorgue el permiso para poder radicar el Formulario 944(SP) en vez de los Formularios 941-PR. Irs filing deadline Si desea más información sobre cómo solicitar el permiso para radicar el Formulario 944(SP) o el Formulario 944, en vez de los Formularios 941-PR, vea el tema titulado ¿Qué ocurre si quiere presentar Formularios 941, 941-SS o 941-PR en lugar del Formulario 944 (en inglés) o 944(SP)?, en las Instrucciones para el Formulario 944(SP). Irs filing deadline Cambio de dirección. Irs filing deadline . Irs filing deadline  Utilice el Formulario 8822-B, Change of Address or Responsible Party-Business (Cambio de dirección— o Parte Responsable— de negocios), en inglés, para notificarle al IRS sobre un cambio a su dirección. Irs filing deadline No envíe el Formulario 8822-B junto con su planilla de contribuciones sobre la nómina. Irs filing deadline Los depósitos de las contribuciones federales tienen que llevarse a cabo mediante transferencia electrónica de fondos. Irs filing deadline  Usted tiene que depositar toda contribución mediante transferencia electrónica de fondos. Irs filing deadline Generalmente, la transferencia electrónica de fondos se lleva a cabo usando el Electronic Federal Tax Payment System (Sistema electrónico de pagos de la contribución federal o EFTPS, por sus siglas en inglés). Irs filing deadline Si no desea utilizar el EFTPS, puede hacer los arreglos para que su preparador, institución financiera, servicio de nómina u otro tercero de su confianza efectúe depósitos electrónicos en nombre suyo. Irs filing deadline El EFTPS es un servicio gratuito provisto por el Departamento del Tesoro. Irs filing deadline Los servicios provistos por su preparador profesional, institución financiera, servicio de nómina u otro tercero podría conllevar en un cargo. Irs filing deadline Si desea más información sobre cómo efectuar depósitos de la contribución federal, vea Cómo hacer los depósitos , en el apartado 11. Irs filing deadline Si desea más información sobre EFTPS o si desea inscribirse, visite el sitio web de EFTPS en www. Irs filing deadline eftps. Irs filing deadline gov o llame al 1-800-244-4829 (1-800-733-4829, si es usuario de equipo TDD). Irs filing deadline Puede encontrar información adicional sobre EFTPS en la Publicación 966 (SP), Sistema de Pago Electrónico del Impuesto Federal: La Manera Segura de pagar los Impuestos Federales. Irs filing deadline Radicación y pago por medios electrónicos. Irs filing deadline  El uso de las opciones electrónicas puede hacer más fácil la radicación de una planilla y el pago de la contribución federal. Irs filing deadline Utilice el EFTPS para efectuar depósitos o pagar la contribución en su totalidad, independientemente de si utiliza a un preparador o si prepara sus propias planillas. Irs filing deadline Puede usar el sistema electrónico e-file del IRS para radicar ciertas planillas. Irs filing deadline Si hay una suma por pagar en la planilla, puede radicarla con el sistema e-file y pagar electrónicamente (e-pay) en un solo paso al autorizar un retiro electrónico de fondos de su cuenta bancaria mientras está radicando electrónicamente. Irs filing deadline No utilice el retiro electrónico de fondos para pagar contribuciones que se requiere que se depositen. Irs filing deadline Visite el sitio web del IRS www. Irs filing deadline irs. Irs filing deadline gov/efile , en inglés, para más información sobre cómo radicar una planilla electrónicamente. Irs filing deadline Si desea más información sobre cómo pagar sus contribuciones utilizando el retiro electrónico de fondos, visite la página del IRS en www. Irs filing deadline irs. Irs filing deadline gov/e-pay. Irs filing deadline Se le podría cobrar un cargo por radicar electrónicamente. Irs filing deadline Para EFTPS, visite www. Irs filing deadline eftps. Irs filing deadline gov o llame a la línea de servicio al cliente de EFTPS al 1-800-244-4829 o 1-800-733-4829, si es usuario de equipo TDD. Irs filing deadline Para la radicación electrónica de los Formularios 499R-2/W-2PR y 499R-2/W-2cPR ante la Administración del Seguro Social, visite la página web www. Irs filing deadline hacienda. Irs filing deadline gobierno. Irs filing deadline pr. Irs filing deadline Si usted está radicando su planilla de contribuciones o si está pagando sus contribuciones federales electrónicamente, se necesita que provea un EIN válido. Irs filing deadline Si no provee un EIN válido, la planilla o pago no se tramitará. Irs filing deadline Esto podría resultarle en multas y demoras en la tramitación de su planilla o pago. Irs filing deadline Pagos con tarjeta de crédito o débito. Irs filing deadline  Para mayor información sobre cómo se pagan las contribuciones con tarjetas de crédito o débito, visite el sitio web del IRS, www. Irs filing deadline irs. Irs filing deadline gov/e-pay. Irs filing deadline No obstante, no use una tarjeta de crédito o débito para pagar contribuciones que deben ser depositadas. Irs filing deadline Contratación de empleados nuevos. Irs filing deadline  Mantenga un registro con el nombre y número de cada uno de sus empleados nuevos según aparece en su tarjeta de Seguro Social. Irs filing deadline Todo empleado que no tenga una tarjeta de Seguro Social deberá solicitarla usando el Formulario SS-5-SP, Solicitud para una Tarjeta de Seguro Social, en español. Irs filing deadline Vea el apartado 4 . Irs filing deadline Cómo informar las discrepancias entre los Formularios 941-PR (o 944(SP)) y los Formularios 499R-2/W-2PR. Irs filing deadline . Irs filing deadline  Utilice el Anexo D (Formulario 941), Report of Discrepancies Caused by Acquisitions, Statutory Mergers, or Consolidations (Informe de discrepancias causadas por adquisiciones, fusiones o consolidaciones), en inglés. Irs filing deadline En este anexo se explicarán las discrepancias en los salarios, contribuciones y pagos que han surgido entre los Formularios 941-PR (o el Formulario 944(SP)) debido a adquisiciones, fusiones o consolidaciones. Irs filing deadline Si desea más información, vea las Instrucciones para el Anexo D (Formulario 941), disponibles en inglés. Irs filing deadline Solicitud de un número de identificación patronal en línea (EIN). Irs filing deadline  Usted puede solicitar un número de identificación patronal (EIN, por sus siglas en inglés) en línea al visitar el sitio web IRS. Irs filing deadline gov, en inglés, y pulsar sobre el enlace “Apply for an EIN Online” (Solicitud de un número de identificación patronal en línea (EIN)), que se encuentra bajo Tools (Herramientas). Irs filing deadline La información está provista en inglés. Irs filing deadline Pagos rechazados. Irs filing deadline  Cualquier forma de pago que ha sido rechazado y es devuelto por la institución financiera está sujeto a una penalidad. Irs filing deadline Esta penalidad es $25 o el 2% de la cantidad del pago, lo mayor entre ambos. Irs filing deadline Sin embargo, la penalidad en pagos rechazados de $24. Irs filing deadline 99 o menos es igual a la cantidad del pago. Irs filing deadline Por ejemplo, un pago por $18 que fue rechazado, la penalidad es $18 (la cantidad rechazada). Irs filing deadline Remuneración pagada a trabajadores agrícolas con visa H-2A. Irs filing deadline  La remuneración que le paga a trabajadores agrícolas por trabajo realizado con una visa H-2A no está sujeta a las contribuciones al Seguro Social, al Medicare o la Contribución Adicional al Medicare. Irs filing deadline Por lo tanto, no debe informarla como remuneración sujeta a dichas contribuciones. Irs filing deadline Verifique con las agencias del gobierno de Puerto Rico para verificar si tiene algún requisito estatal. Irs filing deadline Servicios de entrega privados. Irs filing deadline  Puede usar ciertos servicios de entrega privados designados por el IRS para enviar sus planillas o pagos de la contribución. Irs filing deadline La lista incluye sólo los servicios siguientes: DHL Express (DHL): DHL Same Day Service. Irs filing deadline Federal Express (FedEx): FedEx Priority Overnight, FedEx Standard Overnight, FedEx 2Day, FedEx International Priority y FedEx International First. Irs filing deadline United Parcel Service (UPS): UPS Next Day Air, UPS Next Day Air Saver, UPS 2nd Day Air, UPS 2nd Day Air A. Irs filing deadline M. Irs filing deadline , UPS Worldwide Express Plus y UPS Worldwide Express. Irs filing deadline Si desea obtener la dirección a dónde enviar la planilla o pago si utilizara un servicio de entrega privado, acceda a IRS. Irs filing deadline gov y escriba “private delivery service” en la casilla Search (Buscar). Irs filing deadline La información está disponible en inglés. Irs filing deadline El proveedor de servicio de entrega privado que escoja puede informarle de cómo se obtiene verificación por escrito de la fecha de envío. Irs filing deadline Los servicios de entrega privados no pueden entregar artículos de correo a los apartados postales. Irs filing deadline Usted tiene que utilizar el Servicio Postal de los EE. Irs filing deadline UU. Irs filing deadline para enviar todo artículo de correo a una dirección que incluya un apartado postal del IRS. Irs filing deadline Mantenimiento de récords. Irs filing deadline  Conserve todos los récords de sus contribuciones sobre la nómina durante 4 años. Irs filing deadline Los mismos deben estar disponibles para ser inspeccionados por funcionarios del IRS. Irs filing deadline No se ha establecido ninguna manera especial de llevar estos récords. Irs filing deadline Sin embargo, los mismos deberán incluir su EIN, las cantidades y fechas de todos los pagos de salarios (incluyendo beneficios marginales) y las propinas declaradas, así como los nombres, direcciones y ocupaciones de todos los empleados que reciban tales pagos, las fechas de empleo, además de los números de Seguro Social y los duplicados de las planillas de contribución radicadas anteriormente, incluyendo las fechas y cantidades de depósitos hechos según se explica en el apartado 11 . Irs filing deadline Todo patrono agrícola tiene que llevar un registro en el cual consten el nombre, dirección permanente y el EIN de cada líder de cuadrilla. Irs filing deadline Vea Líder de cuadrilla, en el apartado 1 . Irs filing deadline Comentarios y sugerencias. Irs filing deadline  Le agradecemos sus comentarios sobre esta publicación y sugerencias para ediciones futuras de la misma. Irs filing deadline Puede escribirnos a la siguiente dirección: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. Irs filing deadline NW, IR-6526 Washington, DC 20224 Nosotros contestamos muchas cartas a través de llamadas telefónicas. Irs filing deadline Por lo tanto, sería de ayuda si en su correspondencia incluye su número telefónico, junto con el código de área telefónico, en donde nos podamos comunicar con usted durante el día. Irs filing deadline También, puede enviarnos comentarios a través de la página www. Irs filing deadline irs. Irs filing deadline gov/formspubs. Irs filing deadline Pulse sobre el enlace titulado More Information (Más información) y luego pulse sobre el enlace titulado “Give us Feedback” (Proveer comentarios), en inglés. Irs filing deadline Aunque no podemos contestar a cada comentario que recibimos, sí agradecemos sus sugerencias y las consideraremos al revisar nuestros productos contributivos. Irs filing deadline Fotografías de niños desaparecidos. Irs filing deadline  El Servicio de Rentas Internas siente orgullo en colaborar con el National Center for Missing and Exploited Children (Centro Nacional de Niños Desaparecidos y Explotados). Irs filing deadline Las fotografías de niños desaparecidos que han sido seleccionadas por el Centro pueden aparecer en esta publicación en páginas que de otra manera estarían en blanco. Irs filing deadline Usted puede ayudar a que estos niños regresen a sus hogares si al mirar sus fotografías los puede identificar y entonces llama libre de cargos al 1-800-THE-LOST (1-800-843-5678). Irs filing deadline Calendario   Si alguna fecha indicada a continuación es un sábado, domingo o día festivo oficial, la fecha de vencimiento para radicar la planilla, presentar un formulario o depositar su contribución es el próximo día laborable. Irs filing deadline Un día festivo oficial en Puerto Rico o en un estado posterga una fecha de vencimiento únicamente si la oficina del IRS donde usted tiene que radicar su planilla de contribución está localizada en tal estado o territorio. Irs filing deadline Para propósitos de la fecha de vencimiento, se cumplen los requisitos para radicar la planilla si la misma se encuentra en un sobre que esté dirigido apropiadamente, que tenga suficiente franqueo y que el matasellos esté fechado a más tardar en la fecha de vencimiento. Irs filing deadline Si se envía mediante un servicio de entrega privado aprobado por el IRS, la misma se tiene que enviar a más tardar en la fecha de vencimiento. Irs filing deadline Vea el tema Servicios de entrega privados en Recordatorios. Irs filing deadline A continuación encontrará una lista de las fechas y responsabilidades más importantes para usted. Irs filing deadline Además, vea la Publicación 509, Tax Calendars (Calendarios contributivos), en inglés, para más información. Irs filing deadline Para el 31 de enero:  Entregue a los empleados sus comprobantes de retención. Irs filing deadline Entréguele a cada empleado un Formulario 499R-2/W-2PR, Comprobante de Retención, debidamente completado. Irs filing deadline Vea el apartado 13 . Irs filing deadline Radique el Formulario 943-PR, Planilla para la Declaración ANUAL de la Contribución Federal del Patrono de Empleados Agrícolas, ante el IRS. Irs filing deadline Si depositó a tiempo la contribución correspondiente al Formulario 943-PR en su totalidad, tendrá hasta 10 días naturales adicionales a partir de la fecha de vencimiento indicada anteriormente para radicar su Formulario 943-PR. Irs filing deadline Radique el Formulario 940-PR, Planilla para la Declaración Federal ANUAL del Patrono de la Contribución Federal para el Desempleo (FUTA), ante el IRS. Irs filing deadline Pague o deposite todo saldo adeudado (si es más de $500). Irs filing deadline Si depositó el total de las contribuciones adeudadas a su debido tiempo, tendrá hasta 10 días naturales adicionales a partir de la fecha de vencimiento indicada anteriormente para radicar el Formulario 940-PR. Irs filing deadline Si antes radicaba el Formulario 944-PR, radique ahora el Formulario 944(SP), Declaración Federal ANUAL de Impuestos del Patrono o Empleador (o el Formulario 944, en inglés), ante el IRS si el mismo le notificó que debe radicar el Formulario 944(SP) en lugar de los Formularios 941-PR trimestrales. Irs filing deadline Si depositó la cantidad total de contribuciones conforme a la fecha de vencimiento de éstas, tendrá 10 días naturales adicionales a partir de la fecha de vencimiento indicada anteriormente para radicar el Formulario 944(SP). Irs filing deadline Para el 28 de febrero. Irs filing deadline   Radique los comprobantes de retención ante la Administración del Seguro Social (SSA, por sus siglas en inglés). Irs filing deadline Radique el Original del Formulario 499R-2/W-2PR, junto con el Formulario W-3PR, Informe de Comprobantes de Retención, ante la SSA. Irs filing deadline Para las planillas radicadas por vías electrónicas, vea el siguiente tema. Irs filing deadline Para el 31 de marzo. Irs filing deadline  Radique el Formulario 499R-2/W-2PR por vías electrónicas (y no por medios magnéticos o en papel) ante la SSA. Irs filing deadline Sin embargo, puede transmitir un archivo electrónico por medio de Internet. Irs filing deadline Vea Employer W-2 Filing Instructions & Information (Instrucciones e información para patronos sobre la radicación de Formularios W-2), en inglés, en el sitio web www. Irs filing deadline socialsecurity. Irs filing deadline gov/employer de la SSA para más información. Irs filing deadline Para el 30 de abril, 31 de julio, 31 de octubre y 31 de enero. Irs filing deadline  Radique el Formulario 941-PR trimestralmente ante el IRS. Irs filing deadline Si depositó el total de las contribuciones adeudadas a su debido tiempo, tendrá hasta 10 días naturales adicionales a partir de las fechas de vencimiento indicadas anteriormente para radicar el Formulario 941-PR. Irs filing deadline No radique los Formularios 941-PR para dichos trimestres si el IRS le ha informado que debe radicar el Formulario 944(SP). Irs filing deadline Deposite la contribución FUTA para el trimestre (incluyendo toda cantidad trasladada de un trimestre anterior) si la cantidad adeudada es más de $500. Irs filing deadline Si es de $500 o menos, traspásela al trimestre siguiente. Irs filing deadline Vea el apartado 10 , para más información. Irs filing deadline Introduction Esta publicación deberá ser usada por patronos cuyo negocio principal está ubicado en Puerto Rico o que tienen empleados cuyos ingresos están sujetos a retención de la contribución estatal sobre los ingresos de Puerto Rico. Irs filing deadline Generalmente, tanto los patronos como los empleados en Puerto Rico están sujetos a las contribuciones al Seguro Social y al seguro Medicare, conforme a la Federal Insurance Contributions Act (Ley de Contribuciones Federales al Seguro Social o FICA, por sus siglas en inglés). Irs filing deadline Esta publicación resume las responsabilidades que tiene el patrono en cuanto al cobro, pago y declaración de dichas contribuciones. Irs filing deadline Dondequiera que en esta publicación se use el término “Estados Unidos”, el mismo incluye a Puerto Rico, las Islas Vírgenes y los territorios autónomos y territorios no autónomos de los Estados Unidos. Irs filing deadline Las secciones a las cuales se hace referencia en esta publicación corresponden al Código Federal de Rentas Internas, a menos que se indique lo contrario. Irs filing deadline Esta publicación también proporciona a dichos patronos un resumen de sus responsabilidades en relación con las contribuciones bajo la Federal Unemployment Tax Act (Ley Federal de Contribución para el Desempleo o FUTA, por sus siglas en inglés). Irs filing deadline Vea los apartados 9 y 10 . Irs filing deadline Excepto por lo indicado en las tablas que se hallan en el apartado 15 , esas contribuciones corresponden a todo patrono que pague salarios tributables a empleados o que tenga empleados que declaran propinas. Irs filing deadline En esta publicación no se incluye información relacionada con las contribuciones del trabajo por cuenta propia (Seguro Social y Medicare para personas que trabajan por cuenta propia). Irs filing deadline Si necesita información sobre estas contribuciones, comuníquese con la oficina del IRS en Guaynabo o vea la Publicación 570, Tax Guide for Individuals With Income From U. Irs filing deadline S. Irs filing deadline Possessions (Guía tributaria para individuos con ingresos de fuentes en los territorios estadounidenses), en inglés. Irs filing deadline Contribuciones sobre los ingresos de Puerto Rico. Irs filing deadline   Esta publicación no incluye información relacionada con la retención de contribuciones federales sobre los ingresos. Irs filing deadline Ésta sólo trata las contribuciones sobre la nómina para patronos que están en Puerto Rico. Irs filing deadline   Si desea obtener información acerca de la contribución sobre ingresos de Puerto Rico, consulte con el Departamento de Hacienda de Puerto Rico. Irs filing deadline Las personas que trabajan amparadas bajo el programa del Seguro Social elijen un plan de protección para sus familias y para sí mismas. Irs filing deadline Entidades no consideradas como separadas de sus dueños y compañías subsidarias calificadas conforme al subcapítulo S (QSubs). Irs filing deadline   Las entidades no consideradas como separadas de sus dueños (disregarded entities) que tienen un solo dueño y que cumplen los requisitos y las compañías subsidiarias calificadas conforme al subcapítulo S (QSubs, por sus siglas en inglés), son tratadas como si fueran entidades separadas de su dueño para propósitos de las contribuciones sobre la nómina. Irs filing deadline Las entidades no consideradas como separadas de sus dueños que tienen un solo dueño y que cumplen los requisitos y no han optado por ser tratadas como corporación, tiene que declarar y pagar la contribución sobre la nómina correspondiente a los salarios de los empleados utilizando el nombre y EIN de dicha entidad. Irs filing deadline Vea la sección 1. Irs filing deadline 1361-4(a)(7) y la sección 301. Irs filing deadline 7701-2(c)(2)(iv) de los Reglamentos, en inglés. Irs filing deadline Crédito de asistencia para las primas de COBRA. Irs filing deadline   La Consolidated Omnibus Budget Reconciliation Act of 1985 (Ley de Conciliación de Asignaciones del Presupuesto de 1985 o COBRA, por sus siglas en inglés) les provee a ciertos ex empleados, jubilados, cónyuges, ex cónyuges e hijos dependientes el derecho a recibir temporalmente cobertura de salud a tarifas especiales para grupos. Irs filing deadline La ley COBRA, por lo general, cubre los planes de salud que incluyen a múltiples patronos y planes de salud que son mantenidos por patronos de la empresa privada (que no son iglesias) que tengan 20 o más empleados a tiempo completo o parcial. Irs filing deadline A dichos planes les corresponden ciertos requisitos conforme a la Employee Retirement Income Security Act of 1974 (Ley para la Protección de los Ingresos de Jubilación para los Empleados de 1974 o ERISA, por sus siglas en inglés). Irs filing deadline Conforme a la Public Health Service Act (Ley sobre el Servicio de Salud Pública), los requisitos del programa COBRA también le corresponden a los planes de salud que cubren a los empleados gubernamentales estatales y municipales. Irs filing deadline Requisitos similares corresponden conforme al Federal Employees Health Benefits Program (Programa de Seguro Médico para los Empleados Federales (FEHBP, por sus siglas en inglés)) y ciertas leyes estatales. Irs filing deadline Para tratar a la asistencia (o subsidio) para las primas de COBRA que se explican a continuación, a todos estos requisitos se les refiere como “requisitos de COBRA ”. Irs filing deadline   La ley American Recovery and Reinvestment Act of 2009 (Ley de Recuperación y Reinversión Económica Estadounidense de 2009 o ARRA, por sus siglas en inglés) permite un crédito contra las contribuciones sobre la paga (dichas contribuciones se denominan “contribuciones sobre la nómina” en esta publicación), para proveer asistencia para las primas de COBRA a individuos que cumplen con los requisitos para recibir dicha asistencia. Irs filing deadline Para los períodos de continuidad de cobertura COBRA que comienzan después del 16 de febrero de 2009, un plan de salud colectivo tiene que tratar a un individuo que reúne los requisitos para la asistencia como si hubiese pagado la prima de COBRA para la continuidad de cobertura requerida si el individuo optó por la cobertura COBRA y paga el 35% de la cantidad de la prima. Irs filing deadline   Un individuo que reúne los requisitos para la asistencia es un beneficiario calificado que cumple con los requisitos para la continuidad de la cobertura COBRA durante el período que comienza el 1 de septiembre de 2008, y que termina el 31 de mayo de 2010, debido al cese involuntario de empleo de un empleado amparado por la cobertura durante el período y que opta por la continuidad de la cobertura de COBRA. Irs filing deadline La asistencia para mantener la cobertura puede durar hasta 15 meses. Irs filing deadline   Los empleados que fueron despedidos durante el período que comienza el 1 septiembre de 2008 y que termina el 31 de mayo de 2010, y recibieron ofertas de indemnización que retrasaron el inicio de la continuación de cobertura COBRA, pueden ser elegibles para recibir asistencia con las primas para la continuación de cobertura COBRA. Irs filing deadline Para más información, vea Notice 2009-27 (Avisio 2009-27) que aparece en la página 838 del Internal Revenue Bulletin (Boletín de Rentas Internas 2009-16), en inglés, disponible en www. Irs filing deadline irs. Irs filing deadline gov/irb/2009-16_irb/ar09. Irs filing deadline html. Irs filing deadline   Los administradores de planes de salud colectivos (u otras entidades) que proveen o administran la continuación de la cobertura COBRA, tienen que notificarle a los individuos que cumplen con los requisitos para la asistencia de las primas de COBRA de que tienen derecho a dicha cobertura. Irs filing deadline   El 65% de la prima que no es pagada por las personas que reúnen los requisitos para la asistencia se le reembolsa a los patronos que mantienen el plan de salud colectivo. Irs filing deadline El reembolso se hace por medio de un crédito que se le aplica a las obligaciones de las contribuciones sobre la nómina del patrono. Irs filing deadline Para obtener información sobre cómo reclamar el crédito, vea las Instrucciones para el Formulario 941-PR o las Instrucciones para el Formulario 944(SP). Irs filing deadline El crédito se le trata como un depósito hecho en el primer día del período de la planilla (trimestre o año). Irs filing deadline En el caso de un plan que cubre a múltiples patronos, el crédito es reclamado por el plan, en vez del patrono. Irs filing deadline En el caso de un plan asegurado que está sujeto a los requisitos estatales para la continuidad de cobertura, el crédito es reclamado por la compañía de seguros, en vez del patrono. Irs filing deadline   Todo individuo o entidad que reclama el crédito por los pagos para la asistencia COBRA tiene que conservar la siguiente información para comprobar su reclamación: Información sobre el recibo, incluyendo fechas y cantidades, de la parte del 35% de la prima que le corresponde a la persona que reúne los requisitos para la asistencia. Irs filing deadline En el caso de un plan de seguro, una copia de la factura u otro documento comprobante emitido por la compañía aseguradora y prueba del pago a tiempo de la prima completa hecho a la compañía aseguradora que se requiere conforme los requisitos para la cobertura COBRA. Irs filing deadline En el caso de un plan autoasegurado, documentos que comprueban la cantidad de la prima y la cobertura provista a las personas que reúnen los requisitos para la asistencia. Irs filing deadline Atestiguación del cese involuntario, incluyendo la fecha de cesación (despido) involuntario para cada empleado amparado por la cobertura cuyo despido involuntario es la base para el derecho al subsidio. Irs filing deadline Prueba de que cada persona reúne los requisitos para la asistencia de la cobertura COBRA y de que ha optado por dicha cobertura. Irs filing deadline Un registro que tenga los números de Seguro Social de todos los empleados con cobertura, la cantidad del subsidio reembolsado con respecto a cada empleado con cobertura y que indique si el subsidio se debe a una persona o a dos o más personas. Irs filing deadline   Para más información, visite IRS. Irs filing deadline gov y escriba “COBRA” en la casilla Search (Buscar). Irs filing deadline La información está disponible en inglés. Irs filing deadline Ayuda para radicar documentos ante la SSA. Irs filing deadline   Si necesita ayuda en español para radicar sus formularios contributivos ante la SSA (esto incluye la solicitud de un número de identificación personal (PIN, por sus siglas en inglés)), llame a la SSA al 1-800-772-6270. Irs filing deadline Elegibilidad para empleo. Irs filing deadline   Usted tiene que verificar que cada empleado nuevo tenga derecho a trabajar legalmente en los Estados Unidos. Irs filing deadline Esto incluye completar el Formulario I-9, Employment Eligibility Verification (Verificación de elegibilidad para empleo), disponible en español, del Servicio de Ciudadanía e Inmigración de Estados Unidos (USCIS, por sus siglas en inglés). Irs filing deadline Puede obtener el formulario llamando al USCIS al 1-800-870-3676. Irs filing deadline Si desea más información, comuníquese con el USCIS al 1-800-375-5283 o visite la página web de USCIS en www. Irs filing deadline uscis. Irs filing deadline gov/espanol. Irs filing deadline Prev  Up  Next   Home   More Online Publications
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IRS - The Basics

Looking for a few basics on the history and mission of the nation's tax agency? Try these:

IRS - An Overview
This provides a snapshot of the role and operations of the IRS.

IRS Timeline
From the Civil War to the 21st Century, the tax agency's work has changed with the times.

IRS Guidance in Plain English
This provides a starting point for understanding some of the basic guidance issued by the IRS. Just remember, we said this is a starting point.

Selected Tax Quotes
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Page Last Reviewed or Updated: 10-Mar-2014

The Irs Filing Deadline

Irs filing deadline Publication 541 - Main Content Table of Contents Forming a PartnershipOrganizations Classified as Partnerships Family Partnership Partnership Agreement Terminating a PartnershipIRS e-file (Electronic Filing) Exclusion From Partnership Rules Partnership Return (Form 1065) Partnership DistributionsSubstantially appreciated inventory items. Irs filing deadline Partner's Gain or Loss Partner's Basis for Distributed Property Transactions Between Partnership and PartnersGuaranteed Payments Sale or Exchange of Property Contribution of Property Contribution of Services Basis of Partner's InterestAdjusted Basis Effect of Partnership Liabilities Disposition of Partner's InterestSale, Exchange, or Other Transfer Payments for Unrealized Receivables and Inventory Items Liquidation at Partner's Retirement or Death Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA)Partnership Item. Irs filing deadline Small Partnerships and the Small Partnership Exception Small Partnership TEFRA Election Role of Tax Matters Partner (TMP) in TEFRA Proceedings Statute of Limitations and TEFRA Amended Returns and Administrative Adjustment Requests (AARs) How To Get Tax Help Forming a Partnership The following sections contain general information about partnerships. Irs filing deadline Organizations Classified as Partnerships An unincorporated organization with two or more members is generally classified as a partnership for federal tax purposes if its members carry on a trade, business, financial operation, or venture and divide its profits. Irs filing deadline However, a joint undertaking merely to share expenses is not a partnership. Irs filing deadline For example, co-ownership of property maintained and rented or leased is not a partnership unless the co-owners provide services to the tenants. Irs filing deadline The rules you must use to determine whether an organization is classified as a partnership changed for organizations formed after 1996. Irs filing deadline Organizations formed after 1996. Irs filing deadline   An organization formed after 1996 is classified as a partnership for federal tax purposes if it has two or more members and it is none of the following. Irs filing deadline An organization formed under a federal or state law that refers to it as incorporated or as a corporation, body corporate, or body politic. Irs filing deadline An organization formed under a state law that refers to it as a joint-stock company or joint-stock association. Irs filing deadline An insurance company. Irs filing deadline Certain banks. Irs filing deadline An organization wholly owned by a state, local, or foreign government. Irs filing deadline An organization specifically required to be taxed as a corporation by the Internal Revenue Code (for example, certain publicly traded partnerships). Irs filing deadline Certain foreign organizations identified in section 301. Irs filing deadline 7701-2(b)(8) of the regulations. Irs filing deadline A tax-exempt organization. Irs filing deadline A real estate investment trust. Irs filing deadline An organization classified as a trust under section 301. Irs filing deadline 7701-4 of the regulations or otherwise subject to special treatment under the Internal Revenue Code. Irs filing deadline Any other organization that elects to be classified as a corporation by filing Form 8832. Irs filing deadline For more information, see the instructions for Form 8832. Irs filing deadline Limited liability company. Irs filing deadline   A limited liability company (LLC) is an entity formed under state law by filing articles of organization as an LLC. Irs filing deadline Unlike a partnership, none of the members of an LLC are personally liable for its debts. Irs filing deadline An LLC may be classified for federal income tax purposes as either a partnership, a corporation, or an entity disregarded as an entity separate from its owner by applying the rules in Regulations section 301. Irs filing deadline 7701-3. Irs filing deadline See Form 8832 and section 301. Irs filing deadline 7701-3 of the regulations for more details. Irs filing deadline A domestic LLC with at least two members that does not file Form 8832 is classified as a partnership for federal income tax purposes. Irs filing deadline Organizations formed before 1997. Irs filing deadline   An organization formed before 1997 and classified as a partnership under the old rules will generally continue to be classified as a partnership as long as the organization has at least two members and does not elect to be classified as a corporation by filing Form 8832. Irs filing deadline Community property. Irs filing deadline    Spouses who own a qualified entity (defined later) can choose to classify the entity as a partnership for federal tax purposes by filing the appropriate partnership tax returns. Irs filing deadline They can choose to classify the entity as a sole proprietorship by filing a Schedule C (Form 1040) listing one spouse as the sole proprietor. Irs filing deadline A change in reporting position will be treated for federal tax purposes as a conversion of the entity. Irs filing deadline   A qualified entity is a business entity that meets all the following requirements. Irs filing deadline The business entity is wholly owned by spouses as community property under the laws of a state, a foreign country, or a possession of the United States. Irs filing deadline No person other than one or both spouses would be considered an owner for federal tax purposes. Irs filing deadline The business entity is not treated as a corporation. Irs filing deadline   For more information about community property, see Publication 555, Community Property. Irs filing deadline Publication 555 discusses the community property laws of Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. Irs filing deadline Family Partnership Members of a family can be partners. Irs filing deadline However, family members (or any other person) will be recognized as partners only if one of the following requirements is met. Irs filing deadline If capital is a material income-producing factor, they acquired their capital interest in a bona fide transaction (even if by gift or purchase from another family member), actually own the partnership interest, and actually control the interest. Irs filing deadline If capital is not a material income-producing factor, they joined together in good faith to conduct a business. Irs filing deadline They agreed that contributions of each entitle them to a share in the profits, and some capital or service has been (or is) provided by each partner. Irs filing deadline Capital is material. Irs filing deadline   Capital is a material income-producing factor if a substantial part of the gross income of the business comes from the use of capital. Irs filing deadline Capital is ordinarily an income-producing factor if the operation of the business requires substantial inventories or investments in plants, machinery, or equipment. Irs filing deadline Capital is not material. Irs filing deadline   In general, capital is not a material income-producing factor if the income of the business consists principally of fees, commissions, or other compensation for personal services performed by members or employees of the partnership. Irs filing deadline Capital interest. Irs filing deadline   A capital interest in a partnership is an interest in its assets that is distributable to the owner of the interest in either of the following situations. Irs filing deadline The owner withdraws from the partnership. Irs filing deadline The partnership liquidates. Irs filing deadline   The mere right to share in earnings and profits is not a capital interest in the partnership. Irs filing deadline Gift of capital interest. Irs filing deadline   If a family member (or any other person) receives a gift of a capital interest in a partnership in which capital is a material income-producing factor, the donee's distributive share of partnership income is subject to both of the following restrictions. Irs filing deadline It must be figured by reducing the partnership income by reasonable compensation for services the donor renders to the partnership. Irs filing deadline The donee's distributive share of partnership income attributable to donated capital must not be proportionately greater than the donor's distributive share attributable to the donor's capital. Irs filing deadline Purchase. Irs filing deadline   For purposes of determining a partner's distributive share, an interest purchased by one family member from another family member is considered a gift from the seller. Irs filing deadline The fair market value of the purchased interest is considered donated capital. Irs filing deadline For this purpose, members of a family include only spouses, ancestors, and lineal descendants (or a trust for the primary benefit of those persons). Irs filing deadline Example. Irs filing deadline A father sold 50% of his business to his son. Irs filing deadline The resulting partnership had a profit of $60,000. Irs filing deadline Capital is a material income-producing factor. Irs filing deadline The father performed services worth $24,000, which is reasonable compensation, and the son performed no services. Irs filing deadline The $24,000 must be allocated to the father as compensation. Irs filing deadline Of the remaining $36,000 of profit due to capital, at least 50%, or $18,000, must be allocated to the father since he owns a 50% capital interest. Irs filing deadline The son's share of partnership profit cannot be more than $18,000. Irs filing deadline Business owned and operated by spouses. Irs filing deadline   If spouses carry on a business together and share in the profits and losses, they may be partners whether or not they have a formal partnership agreement. Irs filing deadline If so, they should report income or loss from the business on Form 1065. Irs filing deadline They should not report the income on a Schedule C (Form 1040) in the name of one spouse as a sole proprietor. Irs filing deadline However, the spouses can elect not to treat the joint venture as a partnership by making a Qualified Joint Venture Election. Irs filing deadline Qualified Joint Venture Election. Irs filing deadline   A "qualified joint venture," whose only members are spouses filing a joint return, can elect not to be treated as a partnership for federal tax purposes. Irs filing deadline A qualified joint venture conducts a trade or business where: the only members of the joint venture are spouses filing jointly; both spouses elect not to be treated as a partnership; both spouses materially participate in the trade or business (see Passive Activity Limitations in the Instructions for Form 1065 for a definition of material participation); and the business is co-owned by both spouses and is not held in the name of a state law entity such as a partnership or LLC. Irs filing deadline   Under this election, a qualified joint venture conducted by spouses who file a joint return is not treated as a partnership for federal tax purposes and therefore does not have a Form 1065 filing requirement. Irs filing deadline All items of income, gain, deduction, loss, and credit are divided between the spouses based on their respective interests in the venture. Irs filing deadline Each spouse takes into account his or her respective share of these items as a sole proprietor. Irs filing deadline Each spouse would account for his or her respective share on the appropriate form, such as Schedule C (Form 1040). Irs filing deadline For purposes of determining net earnings from self-employment, each spouse's share of income or loss from a qualified joint venture is taken into account just as it is for federal income tax purposes (i. Irs filing deadline e. Irs filing deadline , based on their respective interests in the venture). Irs filing deadline   If the spouses do not make the election to treat their respective interests in the joint venture as sole proprietorships, each spouse should carry his or her share of the partnership income or loss from Schedule K-1 (Form 1065) to their joint or separate Form(s) 1040. Irs filing deadline Each spouse should include his or her respective share of self-employment income on a separate Schedule SE (Form 1040), Self-Employment Tax. Irs filing deadline   This generally does not increase the total tax on the return, but it does give each spouse credit for social security earnings on which retirement benefits are based. Irs filing deadline However, this may not be true if either spouse exceeds the social security tax limitation. Irs filing deadline   For more information on qualified joint ventures, go to IRS. Irs filing deadline gov, enter “Election for Qualified Joint Ventures” in the search box and select the link reading “Election for Husband and Wife Unincorporated Businesses. Irs filing deadline ” Partnership Agreement The partnership agreement includes the original agreement and any modifications. Irs filing deadline The modifications must be agreed to by all partners or adopted in any other manner provided by the partnership agreement. Irs filing deadline The agreement or modifications can be oral or written. Irs filing deadline Partners can modify the partnership agreement for a particular tax year after the close of the year but not later than the date for filing the partnership return for that year. Irs filing deadline This filing date does not include any extension of time. Irs filing deadline If the partnership agreement or any modification is silent on any matter, the provisions of local law are treated as part of the agreement. Irs filing deadline Terminating a Partnership A partnership terminates when one of the following events takes place. Irs filing deadline All its operations are discontinued and no part of any business, financial operation, or venture is continued by any of its partners in a partnership. Irs filing deadline At least 50% of the total interest in partnership capital and profits is sold or exchanged within a 12-month period, including a sale or exchange to another partner. Irs filing deadline Unlike other partnerships, an electing large partnership does not terminate on the sale or exchange of 50% or more of the partnership interests within a 12-month period. Irs filing deadline See section 1. Irs filing deadline 708-1(b) of the regulations for more information on the termination of a partnership. Irs filing deadline For special rules that apply to a merger, consolidation, or division of a partnership, see sections 1. Irs filing deadline 708-1(c) and 1. Irs filing deadline 708-1(d) of the regulations. Irs filing deadline Date of termination. Irs filing deadline   The partnership's tax year ends on the date of termination. Irs filing deadline For the event described in (1), above, the date of termination is the date the partnership completes the winding up of its affairs. Irs filing deadline For the event described in (2), above, the date of termination is the date of the sale or exchange of a partnership interest that, by itself or together with other sales or exchanges in the preceding 12 months, transfers an interest of 50% or more in both capital and profits. Irs filing deadline Short period return. Irs filing deadline   If a partnership is terminated before the end of what would otherwise be its tax year, Form 1065 must be filed for the short period, which is the period from the beginning of the tax year through the date of termination. Irs filing deadline The return is due the 15th day of the fourth month following the date of termination. Irs filing deadline See Partnership Return (Form 1065), later, for information about filing Form 1065. Irs filing deadline Conversion of partnership into limited liability company (LLC). Irs filing deadline   The conversion of a partnership into an LLC classified as a partnership for federal tax purposes does not terminate the partnership. Irs filing deadline The conversion is not a sale, exchange, or liquidation of any partnership interest; the partnership's tax year does not close; and the LLC can continue to use the partnership's taxpayer identification number. Irs filing deadline   However, the conversion may change some of the partners' bases in their partnership interests if the partnership has recourse liabilities that become nonrecourse liabilities. Irs filing deadline Because the partners share recourse and nonrecourse liabilities differently, their bases must be adjusted to reflect the new sharing ratios. Irs filing deadline If a decrease in a partner's share of liabilities exceeds the partner's basis, he or she must recognize gain on the excess. Irs filing deadline For more information, see Effect of Partnership Liabilities under Basis of Partner's Interest, later. Irs filing deadline   The same rules apply if an LLC classified as a partnership is converted into a partnership. Irs filing deadline IRS e-file (Electronic Filing) Please click here for the text description of the image. Irs filing deadline e-file Certain partnerships with more than 100 partners are required to file Form 1065, Schedules K-1, and related forms and schedules electronically (e-file). Irs filing deadline Other partnerships generally have the option to file electronically. Irs filing deadline For details about IRS e-file, see the Form 1065 instructions. Irs filing deadline Exclusion From Partnership Rules Certain partnerships that do not actively conduct a business can choose to be completely or partially excluded from being treated as partnerships for federal income tax purposes. Irs filing deadline All the partners must agree to make the choice, and the partners must be able to compute their own taxable income without computing the partnership's income. Irs filing deadline However, the partners are not exempt from the rule that limits a partner's distributive share of partnership loss to the adjusted basis of the partner's partnership interest. Irs filing deadline Nor are they exempt from the requirement of a business purpose for adopting a tax year for the partnership that differs from its required tax year. Irs filing deadline Investing partnership. Irs filing deadline   An investing partnership can be excluded if the participants in the joint purchase, retention, sale, or exchange of investment property meet all the following requirements. Irs filing deadline They own the property as co-owners. Irs filing deadline They reserve the right separately to take or dispose of their shares of any property acquired or retained. Irs filing deadline They do not actively conduct business or irrevocably authorize some person acting in a representative capacity to purchase, sell, or exchange the investment property. Irs filing deadline Each separate participant can delegate authority to purchase, sell, or exchange his or her share of the investment property for the time being for his or her account, but not for a period of more than a year. Irs filing deadline Operating agreement partnership. Irs filing deadline   An operating agreement partnership group can be excluded if the participants in the joint production, extraction, or use of property meet all the following requirements. Irs filing deadline They own the property as co-owners, either in fee or under lease or other form of contract granting exclusive operating rights. Irs filing deadline They reserve the right separately to take in kind or dispose of their shares of any property produced, extracted, or used. Irs filing deadline They do not jointly sell services or the property produced or extracted. Irs filing deadline Each separate participant can delegate authority to sell his or her share of the property produced or extracted for the time being for his or her account, but not for a period of time in excess of the minimum needs of the industry, and in no event for more than one year. Irs filing deadline However, this exclusion does not apply to an unincorporated organization one of whose principal purposes is cycling, manufacturing, or processing for persons who are not members of the organization. Irs filing deadline Electing the exclusion. Irs filing deadline   An eligible organization that wishes to be excluded from the partnership rules must make the election not later than the time for filing the partnership return for the first tax year for which exclusion is desired. Irs filing deadline This filing date includes any extension of time. Irs filing deadline See Regulations section 1. Irs filing deadline 761-2(b) for the procedures to follow. Irs filing deadline Partnership Return (Form 1065) Every partnership that engages in a trade or business or has gross income must file an information return on Form 1065 showing its income, deductions, and other required information. Irs filing deadline The partnership return must show the names and addresses of each partner and each partner's distributive share of taxable income. Irs filing deadline The return must be signed by a general partner. Irs filing deadline If a limited liability company is treated as a partnership, it must file Form 1065 and one of its members must sign the return. Irs filing deadline A partnership is not considered to engage in a trade or business, and is not required to file a Form 1065, for any tax year in which it neither receives income nor pays or incurs any expenses treated as deductions or credits for federal income tax purposes. Irs filing deadline See the Instructions for Form 1065 for more information about who must file Form 1065. Irs filing deadline Partnership Distributions Partnership distributions include the following. Irs filing deadline A withdrawal by a partner in anticipation of the current year's earnings. Irs filing deadline A distribution of the current year's or prior years' earnings not needed for working capital. Irs filing deadline A complete or partial liquidation of a partner's interest. Irs filing deadline A distribution to all partners in a complete liquidation of the partnership. Irs filing deadline A partnership distribution is not taken into account in determining the partner's distributive share of partnership income or loss. Irs filing deadline If any gain or loss from the distribution is recognized by the partner, it must be reported on his or her return for the tax year in which the distribution is received. Irs filing deadline Money or property withdrawn by a partner in anticipation of the current year's earnings is treated as a distribution received on the last day of the partnership's tax year. Irs filing deadline Effect on partner's basis. Irs filing deadline   A partner's adjusted basis in his or her partnership interest is decreased (but not below zero) by the money and adjusted basis of property distributed to the partner. Irs filing deadline See Adjusted Basis under Basis of Partner's Interest, later. Irs filing deadline Effect on partnership. Irs filing deadline   A partnership generally does not recognize any gain or loss because of distributions it makes to partners. Irs filing deadline The partnership may be able to elect to adjust the basis of its undistributed property. Irs filing deadline Certain distributions treated as a sale or exchange. Irs filing deadline   When a partnership distributes the following items, the distribution may be treated as a sale or exchange of property rather than a distribution. Irs filing deadline Unrealized receivables or substantially appreciated inventory items distributed in exchange for any part of the partner's interest in other partnership property, including money. Irs filing deadline Other property (including money) distributed in exchange for any part of a partner's interest in unrealized receivables or substantially appreciated inventory items. Irs filing deadline   See Payments for Unrealized Receivables and Inventory Items under Disposition of Partner's Interest, later. Irs filing deadline   This treatment does not apply to the following distributions. Irs filing deadline A distribution of property to the partner who contributed the property to the partnership. Irs filing deadline Payments made to a retiring partner or successor in interest of a deceased partner that are the partner's distributive share of partnership income or guaranteed payments. Irs filing deadline Substantially appreciated inventory items. Irs filing deadline   Inventory items of the partnership are considered to have appreciated substantially in value if, at the time of the distribution, their total fair market value is more than 120% of the partnership's adjusted basis for the property. Irs filing deadline However, if a principal purpose for acquiring inventory property is to avoid ordinary income treatment by reducing the appreciation to less than 120%, that property is excluded. Irs filing deadline Partner's Gain or Loss A partner generally recognizes gain on a partnership distribution only to the extent any money (and marketable securities treated as money) included in the distribution exceeds the adjusted basis of the partner's interest in the partnership. Irs filing deadline Any gain recognized is generally treated as capital gain from the sale of the partnership interest on the date of the distribution. Irs filing deadline If partnership property (other than marketable securities treated as money) is distributed to a partner, he or she generally does not recognize any gain until the sale or other disposition of the property. Irs filing deadline For exceptions to these rules, see Distribution of partner's debt and Net precontribution gain, later. Irs filing deadline Also, see Payments for Unrealized Receivables and Inventory Items under Disposition of Partner's Interest, later. Irs filing deadline Example. Irs filing deadline The adjusted basis of Jo's partnership interest is $14,000. Irs filing deadline She receives a distribution of $8,000 cash and land that has an adjusted basis of $2,000 and a fair market value of $3,000. Irs filing deadline Because the cash received does not exceed the basis of her partnership interest, Jo does not recognize any gain on the distribution. Irs filing deadline Any gain on the land will be recognized when she sells or otherwise disposes of it. Irs filing deadline The distribution decreases the adjusted basis of Jo's partnership interest to $4,000 [$14,000 − ($8,000 + $2,000)]. Irs filing deadline Marketable securities treated as money. Irs filing deadline   Generally, a marketable security distributed to a partner is treated as money in determining whether gain is recognized on the distribution. Irs filing deadline This treatment, however, does not generally apply if that partner contributed the security to the partnership or an investment partnership made the distribution to an eligible partner. Irs filing deadline   The amount treated as money is the security's fair market value when distributed, reduced (but not below zero) by the excess (if any) of: The partner's distributive share of the gain that would be recognized had the partnership sold all its marketable securities at their fair market value immediately before the transaction resulting in the distribution, over The partner's distributive share of the gain that would be recognized had the partnership sold all such securities it still held after the distribution at the fair market value in (1). Irs filing deadline   For more information, including the definition of marketable securities, see section 731(c) of the Internal Revenue Code. Irs filing deadline Loss on distribution. Irs filing deadline   A partner does not recognize loss on a partnership distribution unless all the following requirements are met. Irs filing deadline The adjusted basis of the partner's interest in the partnership exceeds the distribution. Irs filing deadline The partner's entire interest in the partnership is liquidated. Irs filing deadline The distribution is in money, unrealized receivables, or inventory items. Irs filing deadline   There are exceptions to these general rules. Irs filing deadline See the following discussions. Irs filing deadline Also, see Liquidation at Partner's Retirement or Death under Disposition of Partner's Interest, later. Irs filing deadline Distribution of partner's debt. Irs filing deadline   If a partnership acquires a partner's debt and extinguishes the debt by distributing it to the partner, the partner will recognize capital gain or loss to the extent the fair market value of the debt differs from the basis of the debt (determined under the rules discussed in Partner's Basis for Distributed Property, later). Irs filing deadline   The partner is treated as having satisfied the debt for its fair market value. Irs filing deadline If the issue price (adjusted for any premium or discount) of the debt exceeds its fair market value when distributed, the partner may have to include the excess amount in income as canceled debt. Irs filing deadline   Similarly, a deduction may be available to a corporate partner if the fair market value of the debt at the time of distribution exceeds its adjusted issue price. Irs filing deadline Net precontribution gain. Irs filing deadline   A partner generally must recognize gain on the distribution of property (other than money) if the partner contributed appreciated property to the partnership during the 7-year period before the distribution. Irs filing deadline   The gain recognized is the lesser of the following amounts. Irs filing deadline The excess of: The fair market value of the property received in the distribution, over The adjusted basis of the partner's interest in the partnership immediately before the distribution, reduced (but not below zero) by any money received in the distribution. Irs filing deadline The “net precontribution gain” of the partner. Irs filing deadline This is the net gain the partner would recognize if all the property contributed by the partner within 7 years of the distribution, and held by the partnership immediately before the distribution, were distributed to another partner, other than a partner who owns more than 50% of the partnership. Irs filing deadline For information about the distribution of contributed property to another partner, see Contribution of Property , under Transactions Between Partnership and Partners, later. Irs filing deadline   The character of the gain is determined by reference to the character of the net precontribution gain. Irs filing deadline This gain is in addition to any gain the partner must recognize if the money distributed is more than his or her basis in the partnership. Irs filing deadline For these rules, the term “money” includes marketable securities treated as money, as discussed earlier. Irs filing deadline Effect on basis. Irs filing deadline   The adjusted basis of the partner's interest in the partnership is increased by any net precontribution gain recognized by the partner. Irs filing deadline Other than for purposes of determining the gain, the increase is treated as occurring immediately before the distribution. Irs filing deadline See Basis of Partner's Interest , later. Irs filing deadline   The partnership must adjust its basis in any property the partner contributed within 7 years of the distribution to reflect any gain that partner recognizes under this rule. Irs filing deadline Exceptions. Irs filing deadline   Any part of a distribution that is property the partner previously contributed to the partnership is not taken into account in determining the amount of the excess distribution or the partner's net precontribution gain. Irs filing deadline For this purpose, the partner's previously contributed property does not include a contributed interest in an entity to the extent its value is due to property contributed to the entity after the interest was contributed to the partnership. Irs filing deadline   Recognition of gain under this rule also does not apply to a distribution of unrealized receivables or substantially appreciated inventory items if the distribution is treated as a sale or exchange, as discussed earlier. Irs filing deadline Partner's Basis for Distributed Property Unless there is a complete liquidation of a partner's interest, the basis of property (other than money) distributed to the partner by a partnership is its adjusted basis to the partnership immediately before the distribution. Irs filing deadline However, the basis of the property to the partner cannot be more than the adjusted basis of his or her interest in the partnership reduced by any money received in the same transaction. Irs filing deadline Example 1. Irs filing deadline The adjusted basis of Emily's partnership interest is $30,000. Irs filing deadline She receives a distribution of property that has an adjusted basis of $20,000 to the partnership and $4,000 in cash. Irs filing deadline Her basis for the property is $20,000. Irs filing deadline Example 2. Irs filing deadline The adjusted basis of Steve's partnership interest is $10,000. Irs filing deadline He receives a distribution of $4,000 cash and property that has an adjusted basis to the partnership of $8,000. Irs filing deadline His basis for the distributed property is limited to $6,000 ($10,000 − $4,000, the cash he receives). Irs filing deadline Complete liquidation of partner's interest. Irs filing deadline   The basis of property received in complete liquidation of a partner's interest is the adjusted basis of the partner's interest in the partnership reduced by any money distributed to the partner in the same transaction. Irs filing deadline Partner's holding period. Irs filing deadline   A partner's holding period for property distributed to the partner includes the period the property was held by the partnership. Irs filing deadline If the property was contributed to the partnership by a partner, then the period it was held by that partner is also included. Irs filing deadline Basis divided among properties. Irs filing deadline   If the basis of property received is the adjusted basis of the partner's interest in the partnership (reduced by money received in the same transaction), it must be divided among the properties distributed to the partner. Irs filing deadline For property distributed after August 5, 1997, allocate the basis using the following rules. Irs filing deadline Allocate the basis first to unrealized receivables and inventory items included in the distribution by assigning a basis to each item equal to the partnership's adjusted basis in the item immediately before the distribution. Irs filing deadline If the total of these assigned bases exceeds the allocable basis, decrease the assigned bases by the amount of the excess. Irs filing deadline Allocate any remaining basis to properties other than unrealized receivables and inventory items by assigning a basis to each property equal to the partnership's adjusted basis in the property immediately before the distribution. Irs filing deadline If the allocable basis exceeds the total of these assigned bases, increase the assigned bases by the amount of the excess. Irs filing deadline If the total of these assigned bases exceeds the allocable basis, decrease the assigned bases by the amount of the excess. Irs filing deadline Allocating a basis increase. Irs filing deadline   Allocate any basis increase required in rule (2), above, first to properties with unrealized appreciation to the extent of the unrealized appreciation. Irs filing deadline If the basis increase is less than the total unrealized appreciation, allocate it among those properties in proportion to their respective amounts of unrealized appreciation. Irs filing deadline Allocate any remaining basis increase among all the properties in proportion to their respective fair market values. Irs filing deadline Example. Irs filing deadline Eun's basis in her partnership interest is $55,000. Irs filing deadline In a distribution in liquidation of her entire interest, she receives properties A and B, neither of which is inventory or unrealized receivables. Irs filing deadline Property A has an adjusted basis to the partnership of $5,000 and a fair market value of $40,000. Irs filing deadline Property B has an adjusted basis to the partnership of $10,000 and a fair market value of $10,000. Irs filing deadline To figure her basis in each property, Eun first assigns bases of $5,000 to property A and $10,000 to property B (their adjusted bases to the partnership). Irs filing deadline This leaves a $40,000 basis increase (the $55,000 allocable basis minus the $15,000 total of the assigned bases). Irs filing deadline She first allocates $35,000 to property A (its unrealized appreciation). Irs filing deadline The remaining $5,000 is allocated between the properties based on their fair market values. Irs filing deadline $4,000 ($40,000/$50,000) is allocated to property A and $1,000 ($10,000/$50,000) is allocated to property B. Irs filing deadline Eun's basis in property A is $44,000 ($5,000 + $35,000 + $4,000) and her basis in property B is $11,000 ($10,000 + $1,000). Irs filing deadline Allocating a basis decrease. Irs filing deadline   Use the following rules to allocate any basis decrease required in rule (1) or rule (2), earlier. Irs filing deadline Allocate the basis decrease first to items with unrealized depreciation to the extent of the unrealized depreciation. Irs filing deadline If the basis decrease is less than the total unrealized depreciation, allocate it among those items in proportion to their respective amounts of unrealized depreciation. Irs filing deadline Allocate any remaining basis decrease among all the items in proportion to their respective assigned basis amounts (as decreased in (1)). Irs filing deadline Example. Irs filing deadline Armando's basis in his partnership interest is $20,000. Irs filing deadline In a distribution in liquidation of his entire interest, he receives properties C and D, neither of which is inventory or unrealized receivables. Irs filing deadline Property C has an adjusted basis to the partnership of $15,000 and a fair market value of $15,000. Irs filing deadline Property D has an adjusted basis to the partnership of $15,000 and a fair market value of $5,000. Irs filing deadline To figure his basis in each property, Armando first assigns bases of $15,000 to property C and $15,000 to property D (their adjusted bases to the partnership). Irs filing deadline This leaves a $10,000 basis decrease (the $30,000 total of the assigned bases minus the $20,000 allocable basis). Irs filing deadline He allocates the entire $10,000 to property D (its unrealized depreciation). Irs filing deadline Armando's basis in property C is $15,000 and his basis in property D is $5,000 ($15,000 − $10,000). Irs filing deadline Distributions before August 6, 1997. Irs filing deadline   For property distributed before August 6, 1997, allocate the basis using the following rules. Irs filing deadline Allocate the basis first to unrealized receivables and inventory items included in the distribution to the extent of the partnership's adjusted basis in those items. Irs filing deadline If the partnership's adjusted basis in those items exceeded the allocable basis, allocate the basis among the items in proportion to their adjusted bases to the partnership. Irs filing deadline Allocate any remaining basis to other distributed properties in proportion to their adjusted bases to the partnership. Irs filing deadline Partner's interest more than partnership basis. Irs filing deadline   If the basis of a partner's interest to be divided in a complete liquidation of the partner's interest is more than the partnership's adjusted basis for the unrealized receivables and inventory items distributed, and if no other property is distributed to which the partner can apply the remaining basis, the partner has a capital loss to the extent of the remaining basis of the partnership interest. Irs filing deadline Special adjustment to basis. Irs filing deadline   A partner who acquired any part of his or her partnership interest in a sale or exchange or upon the death of another partner may be able to choose a special basis adjustment for property distributed by the partnership. Irs filing deadline To choose the special adjustment, the partner must have received the distribution within 2 years after acquiring the partnership interest. Irs filing deadline Also, the partnership must not have chosen the optional adjustment to basis when the partner acquired the partnership interest. Irs filing deadline   If a partner chooses this special basis adjustment, the partner's basis for the property distributed is the same as it would have been if the partnership had chosen the optional adjustment to basis. Irs filing deadline However, this assigned basis is not reduced by any depletion or depreciation that would have been allowed or allowable if the partnership had previously chosen the optional adjustment. Irs filing deadline   The choice must be made with the partner's tax return for the year of the distribution if the distribution includes any property subject to depreciation, depletion, or amortization. Irs filing deadline If the choice does not have to be made for the distribution year, it must be made with the return for the first year in which the basis of the distributed property is pertinent in determining the partner's income tax. Irs filing deadline   A partner choosing this special basis adjustment must attach a statement to his or her tax return that the partner chooses under section 732(d) of the Internal Revenue Code to adjust the basis of property received in a distribution. Irs filing deadline The statement must show the computation of the special basis adjustment for the property distributed and list the properties to which the adjustment has been allocated. Irs filing deadline Example. Irs filing deadline Chin Ho purchased a 25% interest in X partnership for $17,000 cash. Irs filing deadline At the time of the purchase, the partnership owned inventory having a basis to the partnership of $14,000 and a fair market value of $16,000. Irs filing deadline Thus, $4,000 of the $17,000 he paid was attributable to his share of inventory with a basis to the partnership of $3,500. Irs filing deadline Within 2 years after acquiring his interest, Chin Ho withdrew from the partnership and for his entire interest received cash of $1,500, inventory with a basis to the partnership of $3,500, and other property with a basis of $6,000. Irs filing deadline The value of the inventory received was 25% of the value of all partnership inventory. Irs filing deadline (It is immaterial whether the inventory he received was on hand when he acquired his interest. Irs filing deadline ) Since the partnership from which Chin Ho withdrew did not make the optional adjustment to basis, he chose to adjust the basis of the inventory received. Irs filing deadline His share of the partnership's basis for the inventory is increased by $500 (25% of the $2,000 difference between the $16,000 fair market value of the inventory and its $14,000 basis to the partnership at the time he acquired his interest). Irs filing deadline The adjustment applies only for purposes of determining his new basis in the inventory, and not for purposes of partnership gain or loss on disposition. Irs filing deadline The total to be allocated among the properties Chin Ho received in the distribution is $15,500 ($17,000 basis of his interest − $1,500 cash received). Irs filing deadline His basis in the inventory items is $4,000 ($3,500 partnership basis + $500 special adjustment). Irs filing deadline The remaining $11,500 is allocated to his new basis for the other property he received. Irs filing deadline Mandatory adjustment. Irs filing deadline   A partner does not always have a choice of making this special adjustment to basis. Irs filing deadline The special adjustment to basis must be made for a distribution of property (whether or not within 2 years after the partnership interest was acquired) if all the following conditions existed when the partner received the partnership interest. Irs filing deadline The fair market value of all partnership property (other than money) was more than 110% of its adjusted basis to the partnership. Irs filing deadline If there had been a liquidation of the partner's interest immediately after it was acquired, an allocation of the basis of that interest under the general rules (discussed earlier under Basis divided among properties) would have decreased the basis of property that could not be depreciated, depleted, or amortized and increased the basis of property that could be. Irs filing deadline The optional basis adjustment, if it had been chosen by the partnership, would have changed the partner's basis for the property actually distributed. Irs filing deadline Required statement. Irs filing deadline   Generally, if a partner chooses a special basis adjustment and notifies the partnership, or if the partnership makes a distribution for which the special basis adjustment is mandatory, the partnership must provide a statement to the partner. Irs filing deadline The statement must provide information necessary for the partner to compute the special basis adjustment. Irs filing deadline Marketable securities. Irs filing deadline   A partner's basis in marketable securities received in a partnership distribution, as determined in the preceding discussions, is increased by any gain recognized by treating the securities as money. Irs filing deadline See Marketable securities treated as money under Partner's Gain or Loss, earlier. Irs filing deadline The basis increase is allocated among the securities in proportion to their respective amounts of unrealized appreciation before the basis increase. Irs filing deadline Transactions Between Partnership and Partners For certain transactions between a partner and his or her partnership, the partner is treated as not being a member of the partnership. Irs filing deadline These transactions include the following. Irs filing deadline Performing services for, or transferring property to, a partnership if: There is a related allocation and distribution to a partner, and The entire transaction, when viewed together, is properly characterized as occurring between the partnership and a partner not acting in the capacity of a partner. Irs filing deadline Transferring money or other property to a partnership if: There is a related transfer of money or other property by the partnership to the contributing partner or another partner, and The transfers together are properly characterized as a sale or exchange of property. Irs filing deadline Payments by accrual basis partnership to cash basis partner. Irs filing deadline   A partnership that uses an accrual method of accounting cannot deduct any business expense owed to a cash basis partner until the amount is paid. Irs filing deadline However, this rule does not apply to guaranteed payments made to a partner, which are generally deductible when accrued. Irs filing deadline Guaranteed Payments Guaranteed payments are those made by a partnership to a partner that are determined without regard to the partnership's income. Irs filing deadline A partnership treats guaranteed payments for services, or for the use of capital, as if they were made to a person who is not a partner. Irs filing deadline This treatment is for purposes of determining gross income and deductible business expenses only. Irs filing deadline For other tax purposes, guaranteed payments are treated as a partner's distributive share of ordinary income. Irs filing deadline Guaranteed payments are not subject to income tax withholding. Irs filing deadline The partnership generally deducts guaranteed payments on line 10 of Form 1065 as a business expense. Irs filing deadline They are also listed on Schedules K and K-1 of the partnership return. Irs filing deadline The individual partner reports guaranteed payments on Schedule E (Form 1040) as ordinary income, along with his or her distributive share of the partnership's other ordinary income. Irs filing deadline Guaranteed payments made to partners for organizing the partnership or syndicating interests in the partnership are capital expenses. Irs filing deadline Generally, organizational and syndication expenses are not deductible by the partnership. Irs filing deadline However, a partnership can elect to deduct a portion of its organizational expenses and amortize the remaining expenses (see Business start-up and organizational costs in the Instructions for Form 1065). Irs filing deadline Organizational expenses (if the election is not made) and syndication expenses paid to partners must be reported on the partners' Schedule K-1 as guaranteed payments. Irs filing deadline Minimum payment. Irs filing deadline   If a partner is to receive a minimum payment from the partnership, the guaranteed payment is the amount by which the minimum payment is more than the partner's distributive share of the partnership income before taking into account the guaranteed payment. Irs filing deadline Example. Irs filing deadline Under a partnership agreement, Divya is to receive 30% of the partnership income, but not less than $8,000. Irs filing deadline The partnership has net income of $20,000. Irs filing deadline Divya's share, without regard to the minimum guarantee, is $6,000 (30% × $20,000). Irs filing deadline The guaranteed payment that can be deducted by the partnership is $2,000 ($8,000 − $6,000). Irs filing deadline Divya's income from the partnership is $8,000, and the remaining $12,000 of partnership income will be reported by the other partners in proportion to their shares under the partnership agreement. Irs filing deadline If the partnership net income had been $30,000, there would have been no guaranteed payment since her share, without regard to the guarantee, would have been greater than the guarantee. Irs filing deadline Self-employed health insurance premiums. Irs filing deadline   Premiums for health insurance paid by a partnership on behalf of a partner, for services as a partner, are treated as guaranteed payments. Irs filing deadline The partnership can deduct the payments as a business expense, and the partner must include them in gross income. Irs filing deadline However, if the partnership accounts for insurance paid for a partner as a reduction in distributions to the partner, the partnership cannot deduct the premiums. Irs filing deadline   A partner who qualifies can deduct 100% of the health insurance premiums paid by the partnership on his or her behalf as an adjustment to income. Irs filing deadline The partner cannot deduct the premiums for any calendar month, or part of a month, in which the partner is eligible to participate in any subsidized health plan maintained by any employer of the partner, the partner's spouse, the partner's dependents, or any children under age 27 who are not dependents. Irs filing deadline For more information on the self-employed health insurance deduction, see chapter 6 in Publication 535. Irs filing deadline Including payments in partner's income. Irs filing deadline   Guaranteed payments are included in income in the partner's tax year in which the partnership's tax year ends. Irs filing deadline Example 1. Irs filing deadline Under the terms of a partnership agreement, Erica is entitled to a fixed annual payment of $10,000 without regard to the income of the partnership. Irs filing deadline Her distributive share of the partnership income is 10%. Irs filing deadline The partnership has $50,000 of ordinary income after deducting the guaranteed payment. Irs filing deadline She must include ordinary income of $15,000 ($10,000 guaranteed payment + $5,000 ($50,000 × 10%) distributive share) on her individual income tax return for her tax year in which the partnership's tax year ends. Irs filing deadline Example 2. Irs filing deadline Lamont is a calendar year taxpayer who is a partner in a partnership. Irs filing deadline The partnership uses a fiscal year that ended January 31, 2013. Irs filing deadline Lamont received guaranteed payments from the partnership from February 1, 2012, until December 31, 2012. Irs filing deadline He must include these guaranteed payments in income for 2013 and report them on his 2013 income tax return. Irs filing deadline Payments resulting in loss. Irs filing deadline   If guaranteed payments to a partner result in a partnership loss in which the partner shares, the partner must report the full amount of the guaranteed payments as ordinary income. Irs filing deadline The partner separately takes into account his or her distributive share of the partnership loss, to the extent of the adjusted basis of the partner's partnership interest. Irs filing deadline Sale or Exchange of Property Special rules apply to a sale or exchange of property between a partnership and certain persons. Irs filing deadline Losses. Irs filing deadline   Losses will not be allowed from a sale or exchange of property (other than an interest in the partnership) directly or indirectly between a partnership and a person whose direct or indirect interest in the capital or profits of the partnership is more than 50%. Irs filing deadline   If the sale or exchange is between two partnerships in which the same persons directly or indirectly own more than 50% of the capital or profits interests in each partnership, no deduction of a loss is allowed. Irs filing deadline   The basis of each partner's interest in the partnership is decreased (but not below zero) by the partner's share of the disallowed loss. Irs filing deadline   If the purchaser later sells the property, only the gain realized that is greater than the loss not allowed will be taxable. Irs filing deadline If any gain from the sale of the property is not recognized because of this rule, the basis of each partner's interest in the partnership is increased by the partner's share of that gain. Irs filing deadline Gains. Irs filing deadline   Gains are treated as ordinary income in a sale or exchange of property directly or indirectly between a person and a partnership, or between two partnerships, if both of the following tests are met. Irs filing deadline More than 50% of the capital or profits interest in the partnership(s) is directly or indirectly owned by the same person(s). Irs filing deadline The property in the hands of the transferee immediately after the transfer is not a capital asset. Irs filing deadline Property that is not a capital asset includes accounts receivable, inventory, stock-in-trade, and depreciable or real property used in a trade or business. Irs filing deadline More than 50% ownership. Irs filing deadline   To determine if there is more than 50% ownership in partnership capital or profits, the following rules apply. Irs filing deadline An interest directly or indirectly owned by, or for, a corporation, partnership, estate, or trust is considered to be owned proportionately by, or for, its shareholders, partners, or beneficiaries. Irs filing deadline An individual is considered to own the interest directly or indirectly owned by, or for, the individual's family. Irs filing deadline For this rule, “family” includes only brothers, sisters, half-brothers, half-sisters, spouses, ancestors, and lineal descendants. Irs filing deadline If a person is considered to own an interest using rule (1), that person (the “constructive owner”) is treated as if actually owning that interest when rules (1) and (2) are applied. Irs filing deadline However, if a person is considered to own an interest using rule (2), that person is not treated as actually owning that interest in reapplying rule (2) to make another person the constructive owner. Irs filing deadline Example. Irs filing deadline Individuals A and B and Trust T are equal partners in Partnership ABT. Irs filing deadline A's husband, AH, is the sole beneficiary of Trust T. Irs filing deadline Trust T's partnership interest will be attributed to AH only for the purpose of further attributing the interest to A. Irs filing deadline As a result, A is a more-than-50% partner. Irs filing deadline This means that any deduction for losses on transactions between her and ABT will not be allowed, and gain from property that in the hands of the transferee is not a capital asset is treated as ordinary, rather than capital, gain. Irs filing deadline More information. Irs filing deadline   For more information on these special rules, see Sales and Exchanges Between Related Persons in chapter 2 of Publication 544. Irs filing deadline Contribution of Property Usually, neither the partner nor the partnership recognizes a gain or loss when property is contributed to the partnership in exchange for a partnership interest. Irs filing deadline This applies whether a partnership is being formed or is already operating. Irs filing deadline The partnership's holding period for the property includes the partner's holding period. Irs filing deadline The contribution of limited partnership interests in one partnership for limited partnership interests in another partnership qualifies as a tax-free contribution of property to the second partnership if the transaction is made for business purposes. Irs filing deadline The exchange is not subject to the rules explained later under Disposition of Partner's Interest. Irs filing deadline Disguised sales. Irs filing deadline   A contribution of money or other property to the partnership followed by a distribution of different property from the partnership to the partner is treated not as a contribution and distribution, but as a sale of property, if both of the following tests are met. Irs filing deadline The distribution would not have been made but for the contribution. Irs filing deadline The partner's right to the distribution does not depend on the success of partnership operations. Irs filing deadline   All facts and circumstances are considered in determining if the contribution and distribution are more properly characterized as a sale. Irs filing deadline However, if the contribution and distribution occur within 2 years of each other, the transfers are presumed to be a sale unless the facts clearly indicate that the transfers are not a sale. Irs filing deadline If the contribution and distribution occur more than 2 years apart, the transfers are presumed not to be a sale unless the facts clearly indicate that the transfers are a sale. Irs filing deadline Form 8275 required. Irs filing deadline   A partner must attach Form 8275, Disclosure Statement, (or other statement) to his or her return if the partner contributes property to a partnership and, within 2 years (before or after the contribution), the partnership transfers money or other consideration to the partner. Irs filing deadline For exceptions to this requirement, see section 1. Irs filing deadline 707-3(c)(2) of the regulations. Irs filing deadline   A partnership must attach Form 8275 (or other statement) to its return if it distributes property to a partner, and, within 2 years (before or after the distribution), the partner transfers money or other consideration to the partnership. Irs filing deadline   Form 8275 must include the following information. Irs filing deadline A caption identifying the statement as a disclosure under section 707 of the Internal Revenue Code. Irs filing deadline A description of the transferred property or money, including its value. Irs filing deadline A description of any relevant facts in determining if the transfers are properly viewed as a disguised sale. Irs filing deadline See section 1. Irs filing deadline 707-3(b)(2) of the regulations for a description of the facts and circumstances considered in determining if the transfers are a disguised sale. Irs filing deadline Contribution to partnership treated as investment company. Irs filing deadline   Gain is recognized when property is contributed (in exchange for an interest in the partnership) to a partnership that would be treated as an investment company if it were incorporated. Irs filing deadline   A partnership is generally treated as an investment company if over 80% of the value of its assets is held for investment and consists of certain readily marketable items. Irs filing deadline These items include money, stocks and other equity interests in a corporation, and interests in regulated investment companies and real estate investment trusts. Irs filing deadline For more information, see section 351(e)(1) of the Internal Revenue Code and the related regulations. Irs filing deadline Whether a partnership is treated as an investment company under this test is ordinarily determined immediately after the transfer of property. Irs filing deadline   This rule applies to limited partnerships and general partnerships, regardless of whether they are privately formed or publicly syndicated. Irs filing deadline Contribution to foreign partnership. Irs filing deadline   A domestic partnership that contributed property after August 5, 1997, to a foreign partnership in exchange for a partnership interest may have to file Form 8865 if either of the following apply. Irs filing deadline Immediately after the contribution, the partnership owned, directly or indirectly, at least a 10% interest in the foreign partnership. Irs filing deadline The fair market value of the property contributed to the foreign partnership, when added to other contributions of property made to the partnership during the preceding 12-month period, is greater than $100,000. Irs filing deadline   The partnership may also have to file Form 8865, even if no contributions are made during the tax year, if it owns a 10% or more interest in a foreign partnership at any time during the year. Irs filing deadline See the form instructions for more information. Irs filing deadline Basis of contributed property. Irs filing deadline   If a partner contributes property to a partnership, the partnership's basis for determining depreciation, depletion, gain, or loss for the property is the same as the partner's adjusted basis for the property when it was contributed, increased by any gain recognized by the partner at the time of contribution. Irs filing deadline Allocations to account for built-in gain or loss. Irs filing deadline   The fair market value of property at the time it is contributed may be different from the partner's adjusted basis. Irs filing deadline The partnership must allocate among the partners any income, deduction, gain, or loss on the property in a manner that will account for the difference. Irs filing deadline This rule also applies to contributions of accounts payable and other accrued but unpaid items of a cash basis partner. Irs filing deadline   The partnership can use different allocation methods for different items of contributed property. Irs filing deadline A single reasonable method must be consistently applied to each item, and the overall method or combination of methods must be reasonable. Irs filing deadline See section 1. Irs filing deadline 704-3 of the regulations for allocation methods generally considered reasonable. Irs filing deadline   If the partnership sells contributed property and recognizes gain or loss, built-in gain or loss is allocated to the contributing partner. Irs filing deadline If contributed property is subject to depreciation or other cost recovery, the allocation of deductions for these items takes into account built-in gain or loss on the property. Irs filing deadline However, the total depreciation, depletion, gain, or loss allocated to partners cannot be more than the depreciation or depletion allowable to the partnership or the gain or loss realized by the partnership. Irs filing deadline Example. Irs filing deadline Areta and Sofia formed an equal partnership. Irs filing deadline Areta contributed $10,000 in cash to the partnership and Sofia contributed depreciable property with a fair market value of $10,000 and an adjusted basis of $4,000. Irs filing deadline The partnership's basis for depreciation is limited to the adjusted basis of the property in Sofia's hands, $4,000. Irs filing deadline In effect, Areta purchased an undivided one-half interest in the depreciable property with her contribution of $10,000. Irs filing deadline Assuming that the depreciation rate is 10% a year under the General Depreciation System (GDS), she would have been entitled to a depreciation deduction of $500 per year, based on her interest in the partnership, if the adjusted basis of the property equaled its fair market value when contributed. Irs filing deadline To simplify this example, the depreciation deductions are determined without regard to any first-year depreciation conventions. Irs filing deadline However, since the partnership is allowed only $400 per year of depreciation (10% of $4,000), no more than $400 can be allocated between the partners. Irs filing deadline The entire $400 must be allocated to Areta. Irs filing deadline Distribution of contributed property to another partner. Irs filing deadline   If a partner contributes property to a partnership and the partnership distributes the property to another partner within 7 years of the contribution, the contributing partner must recognize gain or loss on the distribution. Irs filing deadline   The recognized gain or loss is the amount the contributing partner would have recognized if the property had been sold for its fair market value when it was distributed. Irs filing deadline This amount is the difference between the property's basis and its fair market value at the time of contribution. Irs filing deadline The character of the gain or loss will be the same as the character of the gain or loss that would have resulted if the partnership had sold the property to the distributee partner. Irs filing deadline Appropriate adjustments must be made to the adjusted basis of the contributing partner's partnership interest and to the adjusted basis of the property distributed to reflect the recognized gain or loss. Irs filing deadline Disposition of certain contributed property. Irs filing deadline   The following rules determine the character of the partnership's gain or loss on a disposition of certain types of contributed property. Irs filing deadline Unrealized receivables. Irs filing deadline If the property was an unrealized receivable in the hands of the contributing partner, any gain or loss on its disposition by the partnership is ordinary income or loss. Irs filing deadline Unrealized receivables are defined later under Payments for Unrealized Receivables and Inventory Items. Irs filing deadline When reading the definition, substitute “partner” for “partnership. Irs filing deadline ” Inventory items. Irs filing deadline If the property was an inventory item in the hands of the contributing partner, any gain or loss on its disposition by the partnership within 5 years after the contribution is ordinary income or loss. Irs filing deadline Inventory items are defined later in Payments for Unrealized Receivables and Inventory Items. Irs filing deadline Capital loss property. Irs filing deadline If the property was a capital asset in the contributing partner's hands, any loss on its disposition by the partnership within 5 years after the contribution is a capital loss. Irs filing deadline The capital loss is limited to the amount by which the partner's adjusted basis for the property exceeded the property's fair market value immediately before the contribution. Irs filing deadline Substituted basis property. Irs filing deadline If the disposition of any of the property listed in (1), (2), or (3) is a nonrecognition transaction, these rules apply when the recipient of the property disposes of any substituted basis property (other than certain corporate stock) resulting from the transaction. Irs filing deadline Contribution of Services A partner can acquire an interest in partnership capital or profits as compensation for services performed or to be performed. Irs filing deadline Capital interest. Irs filing deadline   A capital interest is an interest that would give the holder a share of the proceeds if the partnership's assets were sold at fair market value and the proceeds were distributed in a complete liquidation of the partnership. Irs filing deadline This determination generally is made at the time of receipt of the partnership interest. Irs filing deadline The fair market value of such an interest received by a partner as compensation for services must generally be included in the partner's gross income in the first tax year in which the partner can transfer the interest or the interest is not subject to a substantial risk of forfeiture. Irs filing deadline The capital interest transferred as compensation for services is subject to the rules for restricted property discussed in Publication 525 under Employee Compensation. Irs filing deadline   The fair market value of an interest in partnership capital transferred to a partner as payment for services to the partnership is a guaranteed payment, discussed earlier. Irs filing deadline Profits interest. Irs filing deadline   A profits interest is a partnership interest other than a capital interest. Irs filing deadline If a person receives a profits interest for providing services to, or for the benefit of, a partnership in a partner capacity or in anticipation of being a partner, the receipt of such an interest is not a taxable event for the partner or the partnership. Irs filing deadline However, this does not apply in the following situations. Irs filing deadline The profits interest relates to a substantially certain and predictable stream of income from partnership assets, such as income from high-quality debt securities or a high-quality net lease. Irs filing deadline Within 2 years of receipt, the partner disposes of the profits interest. Irs filing deadline The profits interest is a limited partnership interest in a publicly traded partnership. Irs filing deadline   A profits interest transferred as compensation for services is not subject to the rules for restricted property that apply to capital interests. Irs filing deadline Basis of Partner's Interest The basis of a partnership interest is the money plus the adjusted basis of any property the partner contributed. Irs filing deadline If the partner must recognize gain as a result of the contribution, this gain is included in the basis of his or her interest. Irs filing deadline Any increase in a partner's individual liabilities because of an assumption of partnership liabilities is considered a contribution of money to the partnership by the partner. Irs filing deadline Interest acquired by gift, etc. Irs filing deadline   If a partner acquires an interest in a partnership by gift, inheritance, or under any circumstance other than by a contribution of money or property to the partnership, the partner's basis must be determined using the basis rules described in Publication 551. Irs filing deadline Adjusted Basis There is a worksheet for adjusting the basis of a partner's interest in the partnership in the Partner's Instructions for Schedule K-1 (Form 1065). Irs filing deadline The basis of an interest in a partnership is increased or decreased by certain items. Irs filing deadline Increases. Irs filing deadline   A partner's basis is increased by the following items. Irs filing deadline The partner's additional contributions to the partnership, including an increased share of, or assumption of, partnership liabilities. Irs filing deadline The partner's distributive share of taxable and nontaxable partnership income. Irs filing deadline The partner's distributive share of the excess of the deductions for depletion over the basis of the depletable property, unless the property is oil or gas wells whose basis has been allocated to partners. Irs filing deadline Decreases. Irs filing deadline   The partner's basis is decreased (but never below zero) by the following items. Irs filing deadline The money (including a decreased share of partnership liabilities or an assumption of the partner's individual liabilities by the partnership) and adjusted basis of property distributed to the partner by the partnership. Irs filing deadline The partner's distributive share of the partnership losses (including capital losses). Irs filing deadline The partner's distributive share of nondeductible partnership expenses that are not capital expenditures. Irs filing deadline This includes the partner's share of any section 179 expenses, even if the partner cannot deduct the entire amount on his or her individual income tax return. Irs filing deadline The partner's deduction for depletion for any partnership oil and gas wells, up to the proportionate share of the adjusted basis of the wells allocated to the partner. Irs filing deadline Partner's liabilities assumed by partnership. Irs filing deadline   If contributed property is subject to a debt or if a partner's liabilities are assumed by the partnership, the basis of that partner's interest is reduced (but not below zero) by the liability assumed by the other partners. Irs filing deadline This partner must reduce his or her basis because the assumption of the liability is treated as a distribution of money to that partner. Irs filing deadline The other partners' assumption of the liability is treated as a contribution by them of money to the partnership. Irs filing deadline See Effect of Partnership Liabilities , later. Irs filing deadline Example 1. Irs filing deadline Ivan acquired a 20% interest in a partnership by contributing property that had an adjusted basis to him of $8,000 and a $4,000 mortgage. Irs filing deadline The partnership assumed payment of the mortgage. Irs filing deadline The basis of Ivan's interest is: Adjusted basis of contributed property $8,000 Minus: Part of mortgage assumed by other partners (80% × $4,000) 3,200 Basis of Ivan's partnership interest $4,800 Example 2. Irs filing deadline If, in Example 1, the contributed property had a $12,000 mortgage, the basis of Ivan's partnership interest would be zero. Irs filing deadline The $1,600 difference between the mortgage assumed by the other partners, $9,600 (80% × $12,000), and his basis of $8,000 would be treated as capital gain from the sale or exchange of a partnership interest. Irs filing deadline However, this gain would not increase the basis of his partnership interest. Irs filing deadline Book value of partner's interest. Irs filing deadline   The adjusted basis of a partner's interest is determined without considering any amount shown in the partnership books as a capital, equity, or similar account. Irs filing deadline Example. Irs filing deadline Enzo contributes to his partnership property that has an adjusted basis of $400 and a fair market value of $1,000. Irs filing deadline His partner contributes $1,000 cash. Irs filing deadline While each partner has increased his capital account by $1,000, which will be re