155. Forms for Foreign Investments and Assets
If you have investments or assets outside the United States, you likely have to report them to the IRS. This involves using specific forms that help the IRS ensure you're paying the correct taxes on your global holdings.
Form 5472 – Information Return of a 25% Foreign-Owned U.S. Corporation
Form 5472 is an IRS information return used to report transactions between a U.S. corporation and its foreign owners or related parties. It helps ensure the IRS knows who owns US businesses and that all their financial dealings are transparent.
Form 5471 – Information Return of U.S. Persons with Respect to Certain Foreign Corporations
Form 5471 is an IRS information return that certain U.S. individuals and businesses with ownership in foreign corporations must file annually to report their involvement and the corporation’s financial activities. This form helps the IRS track international tax compliance.
Form 2106 – Employee Business Expenses
Form 2106 is used by employees to deduct certain work-related expenses from their taxes. It helps reduce your overall tax liability if you have qualifying expenses.
Form 2290 – Heavy Highway Vehicle Use Tax Return
Form 2290 is used to report and pay the federal heavy vehicle use tax. It applies to owners of trucks and other large vehicles that operate on public highways.
Form 8862 – Information to Claim Certain Credits After Disallowance
Form 8862 is an IRS form used to claim certain tax credits that were previously denied by the IRS, helping taxpayers to provide necessary information to reverse the disallowance. It’s important to understand this form if you've had a tax credit rejected in the past.
Form 2441 – Child and Dependent Care Expenses
Form 2441 is used to claim the Child and Dependent Care Credit, a tax benefit that helps parents and caregivers offset the costs of childcare while they work or look for work. This credit can reduce your tax liability.
Form 8949 – Sales and Other Dispositions of Capital Assets
Form 8949 is an IRS form used to report capital gains and losses from the sale of capital assets, like stocks and real estate. It’s essential for accurately calculating your tax liability from investments.
Schedule D (Form 1040) – Capital Gains and Losses
Schedule D is a tax form used to report profits or losses from the sale of capital assets, like stocks or real estate, and it's an important part of your Form 1040. Understanding it can help you properly calculate your tax liability.
Form 5500-EZ – Annual Return of One-Participant (Owners and Their Spouses) Retirement Plan
Form 5500-EZ is an IRS form used to report on retirement plans that cover only a business owner (or owners and their spouses) and is used to comply with certain reporting requirements. It's an essential form for small business owners with specific retirement plan types.