Get the free form 8827

Who Should File Form 8827 should be filed by corporations that had An AMT liability in 2010 to 2011 or A qualified electric vehicle credit not allowed for 2010 see the instructions for line 3. Information about any future developments affecting Form 8827 such as legislation enacted after we release it will be posted on that page. See the 2011 Instructions for Form 4626 to find out if the corporation is treated as a small corporation exempt from ...

How to fill out form 8827

How to fill out form 8827:

1. Obtain the form: You can download form 8827 from the official website of the Internal Revenue Service (IRS) or request a copy by mail.
2. Provide your information: Fill in your name, address, and taxpayer identification number (TIN) at the top of the form.
3. Enter the business information: Fill in the name, address, and TIN of the business for which you are reporting the information.
4. Report the fuel transactions: In Part I of the form, enter the date, number of gallons, and type of fuel purchased for each transaction. Calculate the total gallons and total cost for each type of fuel.
5. Calculate the fuel tax credit: In Part II of the form, calculate the eligible fuel tax credit by multiplying the total gallons of fuel by the applicable credit rate for each type of fuel.
6. Determine the tax liability: Subtract the fuel tax credit from the total fuel tax liability to arrive at the net amount of tax owed.
7. Sign and submit the form: Sign and date the form before mailing it to the IRS at the address provided on the form.

Who needs form 8827:

1. Businesses that use fuel for qualified purposes: Form 8827 is required to be filled out by businesses that use fuel for non-taxable or partially tax-exempt purposes, such as farming, aviation, or off-highway business use.
2. Taxpayers claiming the fuel tax credit: Individuals or entities that qualify for the fuel tax credit and wish to claim it against their tax liability need to complete and submit form 8827.
3. Those with relevant fuel transactions: If you had fuel transactions that need to be reported for tax purposes, such as the purchase of alternative fuel or biodiesel, you may need to fill out form 8827. It is recommended to consult the instructions provided with the form or a tax professional to determine your specific filing requirements.

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What is form 8827?

Form 8827 is a tax form used by businesses to report information regarding their allocation of tips. It is specifically for establishments that operate large food or beverage enterprises where tipping is customary.

Who is required to file form 8827?

Any business that operates a large food or beverage establishment where tipping is customary is required to file form 8827. The size and nature of the business will determine if it falls under this requirement.

How to fill out form 8827?

To fill out form 8827, you need to provide information about your business, such as the name, address, and employer identification number. You will also need to report details about your allocation of tips, including the total amount of tips received and the number of employees involved. The form includes specific instructions to guide you through the process.

What is the purpose of form 8827?

The purpose of form 8827 is to ensure that businesses accurately report and allocate the tips received by their employees. It helps the IRS monitor compliance with tax regulations and prevents underreporting or misallocation of tip income.

What information must be reported on form 8827?

Form 8827 requires businesses to report their total gross receipts, gross receipts from charged tips, and total charged tips for the reporting period. Additionally, businesses need to provide details about the allocation of tips to employees, including their names, social security numbers, and allocated tip amounts.