Automated Tax Credit - Tax Debt Resolution

Glossary

Form 8938 – Statement of Specified Foreign Financial Assets (reiterated for high-value transactions)

Form 8938 is an IRS form used to report certain foreign financial assets if their value exceeds specific thresholds. It helps the IRS ensure U.S. taxpayers are complying with tax laws on international investments.

Form 5074 – Allocation of Individual Income Tax to Guam or the Commonwealth of the Northern Mariana Islands (reiterated for territorial taxation)

Form 5074 is used to determine how much of your individual income tax should go to Guam or the Commonwealth of the Northern Mariana Islands (CNMI) instead of the U.S. This form is important for those with income sourced in these territories.

Form 706-A – United States Additional Estate Tax Return

Form 706-A is used to calculate and report additional estate tax due when certain special tax valuation methods are used and later changed or no longer meet the requirements. It's an important form if you've claimed specific tax benefits on farmland or small businesses within an estate.