Taxes
Need to learn about U.S. taxes? We’ve got everything you need – all in one location.
Latest Articles
IRS Form 8316 – Statement Attached to IRS Form 843
The Form 8316 is filed by nonresidents that had payroll taxes withheld from their wages by mistake.
IRS Form 843 FICA Tax Refund Claim
The IRS Form 843 is filed by taxpayers requesting a refund of taxes or an abatement of penalties and interest. The form can be filed for a refund or abatement of estate, gift, employment, excise, or income taxes.
Amazon and the Single Member LLC with Non-US Owners
Many non-U.S. entrepreneurs are forming U.S. LLCs to open an Amazon store. The single member LLC with non-U.S. ownership can be a challenge for many business owners.
S Corporation Taxes on Net Passive Investment Income – How to Report on Form 1120-S
An S corporation that was formerly a C corporation may be subject to tax on its net passive income. This article and video tutorial cover the basics and how to report the tax on Form 1120-S.
IRS Form 1065 Schedule B-2 for the Centralized Partnership Audit Regime
Partnerships that choose to elect out of the centralized partnership audit regime should complete Schedule B-2 and include it with the Form 1065 tax filing.
S Corporation Tax On Passive Investment Income – What Are the Rules?
An S corporation that was formerly taxable as a C corporation may be subject to direct federal income taxes on its passive investment income. This article and video tutorial discuss the basics of the passive income tax and how it's reported on Form 1120-S.
Married Taxpayers With an LLC – Can You File Form 1065 Partnership Tax Return
In general, an LLC with more than one owner is a multi member LLC and a partnership for federal tax purposes. In some cases, an LLC owned by a married couple can choose to treat the LLC as a disregarded entity instead of a partnership.
IRS Form 8300 – Cash Reporting for Businesses
A business should complete Form 8300 when it receives a cash payment which exceeds the relevant thresholds. This article and video tutorial cover an example of Form 8300 reporting.
Form 1099-K Reporting on Form 1040
The IRS Form 1099-K is an informational return that reports gross payment transactions. Depending upon the nature of the transactions, there are various ways to report this information on a taxpayer's Form 1040.
IRS Form 8938 – Reporting Specified Foreign Financial Assets
The IRS Form 8938 is used to report ownership interest in foreign financial assets by U.S. taxpayers. This article and video tutorial review a sample filing for a U.S. taxpayer in the 2020 tax year.
IRS Form 8865 – Foreign Partnership Reporting
The Form 8865 is filed by U.S. persons when they have an ownership interest in a foreign partnership. This article and video tutorial covers a sample Form 8865 tax filing.
IRS Form 3911 – How to Apply for a Lost Stimulus Check
The IRS Form 3911 is generally filed to report a lost or damage tax refund check. It can also be submitted to apply for a lost stimulus check.
IRS Form 8889 Health Savings Account (HSA) Contributions and Distributions
When individuals make contributions to their HSA they have to report those amounts on Form 8889 and include it with their Form 1040 tax return. This article and video cover the Form 8889 for the 2020 tax year.
IRS Form 8621 Mark-to-Market (MTM) Election for a PFIC
U.S. investors in passive foreign investment companies (PFIC) have to disclose their ownership on Form 8621 and include it with their tax return. U.S. investors may be able to make an MTM election for readily traded PFIC shares.
IRS Form 2439 for Undistributed Long-Term Capital Gains
A shareholder of a RIC or a REIT may receive a Form 2439 which shows a taxable allocation of undistributed long-term capital gains from the entity. This information is necessary to complete the shareholder's income tax return.