Get Form 8858 (december 2004) - Irs - Irs

Failure to file information required by section 6038(a) (Form 8858 and Schedule M (Form 8858)). A $10,000 penalty is imposed for each annual accounting period of each CFC or CFP for failure to furnish the required information within the time prescribed.

Form 8858 is due at the same time as your income tax return. If you apply for an extension on your income tax return, the extension will apply to Form 8858 as well. To file the form properly as the tax owner of an FDE, attach it to your information return or your income tax return.

Schedule H should be used to report the foreign disregarded entity's current E&P income (if the tax owner is a CFC) or the foreign disregarded entity's taxable income (if the tax owner is a US person or a CFP). Schedule I is used to report transferred loss amounts.

Note. If you are filing Form 1120 or 1065 electronically, you must attach Form 8858 electronically (as an attachment to your electronically filed Form 1120, Form 1065, Form 5471, or Form 8865).

No, Form 8858, Information Return of U.S. Persons With Respect to Foreign Disregarded Entities (FDEs) and Foreign Branches (FBs), cannot be e-filed with TurboTax.

You will need to file Form 8858 if you are the owner of a foreign entity that is considered a disregarded entity for US income tax purposes. To elect to classify your business as a disregarded entity, you will want to complete Form 8832: Entity Classification Election and file this with the IRS.

About Form 8858, Information Return of U.S. Persons With Respect to Foreign Disregarded Entities (FDEs) and Foreign Branches (FBs) | Internal Revenue Service.

A $10,000 penalty is imposed for each annual accounting period of each CFC or CFP for failure to furnish the required information within the time prescribed.