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Caution: DRIFTNET FOR FILING This is an early release draft of an IRS tax form, instructions, or publication, which the IRS is providing for your information as a courtesy. Do not file draft forms.

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How to fill out IRS Form 8979?

1. Start by obtaining a copy of IRS Form 8979 from the official IRS website or your tax advisor. Familiarize yourself with the instructions provided with the form.
2. Begin by filling out the general information section at the top of the form. This includes your name, social security number or taxpayer identification number, and your address.
3. Proceed to Part I of the form, which requires you to provide information about the partnership in which you have an interest. You will need to provide the partnership's name, employer identification number (EIN), and the tax year to which the form relates.
4. If you are the partnership representative, check the box indicating your authority to act on behalf of the partnership. Otherwise, leave that section blank.
5. In Part II, you will need to identify the specific partner that you are designating as the partnership representative. Provide their name, social security number or taxpayer identification number, and their address.
6. Next, complete Part III of the form. This section requires you to provide information about previous designations, withdrawals, and terminations of the partnership representative for the tax year. Fill in the appropriate details as necessary.
7. If the partnership has made any changes to its partnership representative during the tax year, you will need to fill out Part IV of the form. Provide the necessary information to accurately record any changes in representation.

Who needs IRS Form 8979?

1. Partnerships that are subject to the centralized partnership audit regime, as established by the Bipartisan Budget Act of 2015, are required to file IRS Form 8979.
2. The partnership representative, who acts as the main point of contact between the partnership and the IRS during an audit, must be designated using this form.
3. It is important for partnerships to fill out IRS Form 8979 in compliance with the regulations set forth by the IRS. Failure to designate a partnership representative or provide accurate information could result in penalties or complications during an audit.

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What is irs form 8979?

IRS Form 8979 is used to report to the IRS any errors made on Schedule K-1 that was previously submitted.

Who is required to file irs form 8979?

Partnerships or S corporations that need to correct errors on Schedule K-1 are required to file IRS Form 8979.

How to fill out irs form 8979?

To fill out IRS Form 8979, the partnership or S corporation must provide the corrected information from the original Schedule K-1, as well as the correct information.

What is the purpose of irs form 8979?

The purpose of IRS Form 8979 is to report and correct any errors made on a previously filed Schedule K-1.

What information must be reported on irs form 8979?

IRS Form 8979 requires the partnership or S corporation to report the incorrect information that needs to be corrected, as well as the correct information that should have been reported.