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Userid PAGER/SGML Page 1 of 4 Fileid DTD INSTR04 Leadpct 0 Pt. size 9. ents and Settings GF2LB Desktop Form 8858 2007 I8858 012908. MUST be removed before printing. Department of the Treasury Internal Revenue Service Rev. December 2007 Information Return of U.S. Persons With Respect To Foreign Disregarded Entities Section references are to the Internal Revenue Code unless otherwise noted. General Instructions What s New Final Regulations regardin...

How to fill out 2007 form 8858

How to fill out 2007 form 8858:

1. Begin by entering the name, address, and Employer Identification Number (EIN) of the entity for which the form is being filed.
2. Provide information about the entity's country of organization and its type (e.g. corporation, partnership, etc.).
3. Complete Part I by indicating whether the entity is a Controlled Foreign Corporation (CFC) and providing relevant details.
4. In Part II, report information about the entity's income, assets, and liabilities.
5. If the entity is a foreign disregarded entity, fill out Part III.
6. Provide details about the entity's ownership in Part IV, including the percentage of ownership held by U.S. persons.
7. Complete Part V by reporting any transactions or distributions between the entity and its owners.
8. Include any required attachments and sign the form before submitting it to the appropriate authority.

Who needs 2007 form 8858:

1. U.S. persons who own or have control over a foreign corporation may need to file Form 8858.
2. Individuals or entities that are considered a "Category 4 filer" for IRS reporting purposes would also require this form.
3. This form is necessary for reporting foreign income, assets, and liabilities, as well as any transactions or distributions involving the foreign entity.
4. It is important to consult IRS guidelines or a tax professional to determine whether the filing of Form 8858 is required in a specific situation.
5. Failure to file this form when necessary may result in penalties and potential legal consequences.

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What is form 8858?

Form 8858 is a U.S. informational return that is filed by U.S. persons with direct or indirect ownership interests in certain foreign corporations.

Who is required to file form 8858?

U.S. persons, including individuals, corporations, and partnerships, who have a controlling interest or substantial ownership in a foreign corporation are required to file form 8858. Additionally, U.S. persons who are officers, directors, or shareholders in certain foreign corporations are also required to file this form.

How to fill out form 8858?

To fill out form 8858, you need to provide information about the foreign corporation, including its name, address, and employer identification number (EIN). You also need to provide details about the U.S. person's ownership interest, income, and transactions with the foreign corporation. The form should be completed in accordance with the instructions provided by the Internal Revenue Service (IRS).

What is the purpose of form 8858?

The purpose of form 8858 is to provide the IRS with information about the U.S. person's ownership interest in a foreign corporation and to report income, deductions, and credits related to the foreign corporation. This allows the IRS to ensure compliance with U.S. tax laws.

What information must be reported on form 8858?

Form 8858 requires the reporting of various information, including the name, address, and EIN of the foreign corporation, as well as details about the U.S. person's ownership interest, income, and transactions with the foreign corporation. The form also requires the reporting of certain financial information, such as asset and liability information.