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Form 8858 for Lewisville Texas: What You Should Know

This is a new requirement for tax purposes. We have been unable to find any recent IRS Guidance on the new requirement to report FB's for foreign branch transactions before Form 8858 can be filed. To avoid penalties, some FB's and FEE's report their foreign assets/income in their individual Form 1040-N. However, this form is incomplete. In their 1040-N information returns, FB's (and FEE's) must include the Foreign Bank Account (FB) and Foreign Asset (FIA) reporting items listed in the Form 8858 instructions. To avoid the penalties, FB's submit their FB and IRS Form 8858 forms (or complete the FB's portion by inserting information from Form 8858 and/or IRS Information Return) to Form 8886, “Report of Foreign Bank and Financial Institution Accounts (withholding)” and/or submit their 1040-N Forms and 990-N Forms to Form 8888, “Report of Foreign Earnings and Expenses.” Some of your FB's and are in Form 1120-TA and require filing on a regular basis. This is NOT required in a Foreign Account Tax Compliance Act (FATWA) compliant year. You may use Form 8858 to report foreign branch income on Form 1040-N and/or Form 1040, unless the IRS has determined that the FB/FS can report foreign income on their Schedule C or D. Otherwise IRS has to verify the income reported on the FB/FS Forms 1040-N/1040, and you have to amend either form to correct the FB/FS information if necessary. As an FB/FS, you may report the FB/FS income from other sources on Schedule C or D-EZ or the form 1040-N as required by your filing status. Additional Information on FB/FS Foreign Branch Foreign Bank (FB/FCB) Account Section 888 is a notice of assessment that the FB/FB must send to the IRS every year if the taxpayer's taxable income exceeds 2,000,000 (or 500,000 in the case of FB's).

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