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 1120-RIC – U.S. Income Tax Return for Regulated Investment Companies
Form 1120-RIC is the specific tax return used by Regulated Investment Companies (RICs) to report their income, deductions, and tax liability to the IRS. It’s how these investment companies comply with federal tax law.
Form 2439 – Notice to Shareholder of Undistributed Long-Term Capital Gains (for mutual funds and investment trusts)
Form 2439 notifies you that a mutual fund or investment trust you own has earned long-term capital gains, even if you didn't receive the money directly. These gains are still taxable to you, and the form tells you how to report them.
Form 4562 – Depreciation and Amortization
Form 4562 is used by businesses and self-employed individuals to claim deductions for the depreciation and amortization of their assets. Understanding this form can lead to significant tax savings.
Form 4797 – Sales of Business Property (previously noted but central here for business property dispositions)
Form 4797 is an IRS tax form used to report the sale or disposition of business property. Understanding this form is crucial for accurately calculating and reporting your business's taxes.
Form 8689 – Allocation of Individual Income Tax to the U.S. Virgin Islands
Form 8689 is used to figure out how much of your federal income tax goes to the U.S. Virgin Islands if you have certain income from that area. It's crucial for individuals with ties to the USVI.
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 709 – United States Gift (and Generation-Skipping Transfer) Tax Return
Form 709 is the form used to report gifts you've given to someone during the year that may be subject to gift tax. It helps the IRS keep track of lifetime gifts and determines if any gift tax is owed.
Form 706-QDT – U.S. Estate Tax Return for Qualified Domestic Trusts
Form 706-QDT is a specific U.S. estate tax return used for Qualified Domestic Trusts (QDTs), which are designed to defer estate taxes when a surviving spouse is not a U.S. citizen. It helps ensure that the government eventually collects estate taxes.
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.