Taxes
Need to learn about U.S. taxes? We’ve got everything you need – all in one location.
Latest Articles
IRS Form 1065 E-File Changes – No Longer Using FOREIGNUS for Nonresidents
The IRS Form 1065 partnership return must be filed every year by domestic partnerships. A Schedule K-1 is provided to each partner, including any nonresident partners that do not have U.S. tax ID's.
IRS Form 709 – Gift Splitting for a Married Couple
The IRS Form 709 gift tax return is filed by taxpayers that make reportable gifts during the year. This example Form 709 looks at gifts made by married couples that make the gift splitting election.
IRS Form 709 Gift Tax Return – Reconciliation of Prior Period Gifts
The IRS Form 709 gift tax return must be filed by individuals that make reportable gifts during the tax year. This article and video tutorial cover Form 709 that reconciles gifts from prior tax years.
IRS Form 3520 – Gifts from Non-U.S. Persons
The IRS Form 3520 is filed to report interests in foreign trusts, as well as gifts from foreign persons. This sample Form 3520 covers gift reporting from a non-U.S. citizen to a U.S. person.
IRS Form 8582 – Rental Real Estate Special Allowance for Losses up to $25,000
Rental real estate investors must generally treat their investment as a passive activity subject to the passive activity loss rules. There is a special allowance for owners that actively participate in the rental operation.
IRS Form 8582 – Sale of Investments with Suspended Losses
The IRS Form 8582 is used to report losses related to passive activity investments. When an investment is sold that has suspended passive activity losses, those losses can generally be released and used to offset active income.
Unclaimed Form 1040 Tax Refunds – Over 1$ Billion of Unclaimed Refunds from 2020
The IRS estimates that over $1 billion of federal tax refunds are left unclaimed from the 2020 tax year.
Schedule A Itemized Deductions – Real Estate Property Tax Deductions
Individual taxpayers can generally claim an itemized tax deduction for real property taxes paid on their main or second homes. The property taxes are deducted on Schedule A with Form 1040.
IRS Form 3520 – Gifts from Foreign Corporations
Gifts from foreign corporations made to U.S. persons may be reportable on a Form 3520. This article and video tutorial cover a sample Form 3520 for a gift made by a Cayman Corporation.
IRS Form 8582 for Publicly Traded Partnership (PTP) Income
Publicly traded partnership (PTP) income is reported to investors on a Schedule K-1. Individual investors complete Form 8582 to reconcile income and passive activity losses from these activities.
IRS Form 1040-X Amended Tax Return for Passive Activity Losses
The Form 1040-X is an amended income tax return filed for individual taxpayers. This sample Form 1040-X is filed to include Form 8582 for passive activity loss (PAL) adjustments.
Schedule A Form 1040 – Itemized Tax Deductions for Mortgage Interest Expense
Itemized tax deductions can be reported on Schedule A of a taxpayer's Form 1040 income tax return. This article and video tutorial cover the mortgage interest tax deduction for homeowners.
IRS Form 944 Annual Federal Payroll Tax Return
The IRS Form 944 is an annual payroll tax return filed by certain small businesses. This article and video tutorial cover a sample Form 944.
IRS Form 1040-X Amended Income Tax Return – Change in Filing Status
The Form 1040-X can be filed by individuals to amend their federal income tax returns. This sample Form 1040-X reviews a change of filing status for a taxpayer.
IRS Form 941 Quarterly Payroll Tax Return – Example Return for S Corporation
Form 941 is a quarterly payroll tax return filed by businesses with employees. This article and video tutorial cover a sample 3rd quarter payroll tax return for an S corporation.