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Level 4

Question

1065 Schedule B-2

Forum|Forum|5 years ago
February 21, 2021
2 replies
16 views

Please recommend explainers about why a small partnership (with eligible partners) should or shouldn't elect this schedule. Thanks.

Level 15

Wow, you could try doing some research on your own like a basic search. https://www.law.cornell.edu/cfr/text/26/301.6221(b)-1

https://www.thetaxadviser.com/issues/2018/jul/irs-final-regs-electing-out-centralized-partner[product key removed]e.html

https://www.thetaxadviser.com/issues/2021/feb/centralized-partner[product key removed]e-related-items.html

rootsmusicAuthor

Level 4

(@M-MTax, I did search on this forum. I found questions about instructions to fill out the Schedule, but I want to understand the consequences of electing this Schedule. Hence, I'm requesting explainers for a partnership that hasn't undergone a tax audit.)

I'm using TurboTax because I don't understand tax law. So law statutes aren't helpful. By the way, your other links don't work.