IRS revised list of PBA (Principal Business Activity) Codes

CYNTHIA BOGUE on

I was reading the instructions for the 2012 Form 1065 and
noticed under the "What's New" section that the IRS has a
revised list of PBA codes.

Code 523910, the code printed on our Form 1065, no longer
exists.
Code 523900 (Other Financial Investment Activities -
including portfolio management & investment advice) looks to
be the closest fit.

Can we continue to use Code 523910 or should we use another
code?

Thank you!
Cynthia Bogue

Attachment:Form1065-2012.pdf

ira smilovitz on

Cynthia,

The NAICS codes are used to aggregate income statistics by type of business. 533910 is a subset of 523900 (each additional non-zero digit is a smaller division of the preceding digits), so 523900 would be the appropriate choice.

Ira Smilovitz

On Sun, Mar 24, 2013 at 10:26 AM, CYNTHIA BOGUE <cbogue@apac.com> wrote:

I was reading the instructions for the 2012 Form 1065 and
noticed under the "What's New" section that the IRS has a
revised list of PBA codes.

Code 523910, the code printed on our Form 1065, no longer
exists.
Code 523900 (Other Financial Investment Activities -
including portfolio management & investment advice) looks to
be the closest fit.

Can we continue to use Code 523910 or should we use another
code?

Thank you!
Cynthia Bogue

Mail