Category: Direct Tax

The Foreign Account Tax Compliance Act (FATCA) requires certain U.S. taxpayers to report specified foreign financial assets by filing IRS Form 8938, “Statement of Specified Foreign Financial Assets.” Form 8938 serves as a supplement to Form 1040 and ensures transparency of offshore holdings....

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When April 15 approaches, many individual taxpayers need extra time to assemble documents, calculate income, or coordinate complex financial situations. The IRS provides two primary extension mechanisms: Form 4868, the automatic six‑month extension for most filers, and Form 2350, a special extension for...

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U.S. persons who create, transfer property to, or receive distributions from foreign trusts, as well as those receiving certain large gifts or bequests from non‑U.S. persons, must navigate the complex reporting requirements of IRS Forms 3520 and 3520‑A. Missing these deadlines...

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Form 1120‑S is the U.S. Income Tax Return for an S‑Corporation, a pass-through entity where profits and losses flow directly to shareholders. While S‑Corporations generally don’t pay federal income tax, they must still file an informational return with the IRS every...

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Form 1120 — U.S. Corporation Income Tax Return — is required for all C‑corporations, and knowing the correct filing deadlines is essential to avoid late‐filing penalties and interest. Whether your corporation operates on a calendar year or a fiscal year, the...

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Partnerships in the United States are required to file IRS Form 1065 annually to report their income, deductions, gains, and losses. Although partnerships themselves typically don’t pay income tax, they must file this information return and provide each partner with a...

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Fiduciaries managing estates and trusts are responsible for filing IRS Form 1041, U.S. Income Tax Return for Estates and Trusts. Unlike individual income tax returns, Form 1041 has distinct timelines, reporting responsibilities, and extension procedures. Missing these can lead to penalties and...

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Tax-exempt organizations are generally required to file annual information returns with the Internal Revenue Service (IRS) using the Form 990 series. While these entities are exempt from paying federal income tax, they are still subject to rigorous disclosure and reporting...

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If you receive a Schedule K-1 from a partnership or S corporation, one critical section to pay close attention to is Box 16 – Foreign Transactions. This box contains information about your share of foreign income, deductions, taxes paid, and...

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FinCEN Form 8300, “Report of Cash Payments Over $10,000 Received in a Trade or Business,” is a critical compliance requirement for businesses and individuals engaged in cash-intensive transactions. The form enables the Financial Crimes Enforcement Network (FinCEN) to detect and prevent...

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