What Is Form 8993?
06/04/2026
Form 8993 is a specialized IRS form used by eligible U.S. taxpayers to calculate and claim the Section 250 tax deduction. This specific deduction reduces the federal tax burden on certain types of global earnings, specifically Foreign-Derived Intangible Income (FDII) and Global Intangible Low-Taxed Income (GILTI). By successfully filing this form, domestic corporations and certain
What Is Form 8992?
06/04/2026
Form 8992 is a specialized IRS tax form used by U.S. shareholders to calculate and report their Global Intangible Low-Taxed Income (GILTI), which is also referred to as Net Controlled Foreign Corporation Tested Income (NCTI). If you hold a meaningful ownership stake in an offshore corporation, the IRS uses this form as a master calculator
What Is “Form 8949 Crypto Reporting”?
06/04/2026
Form 8949 crypto reporting refers to the mandatory process of itemizing every individual sale, trade, or swap of cryptocurrency on IRS Form 8949 (Sales and Other Dispositions of Capital Assets). Because the Internal Revenue Service (IRS) explicitly classifies digital assets as property, taxpayers cannot simply report a single summary profit or loss number on their
What Is “Form 8938”?
06/04/2026
Form 8938, officially titled the “Statement of Specified Foreign Financial Assets,” is an IRS information form used by U.S. taxpayers to report their overseas financial accounts and investments. It was introduced as part of the Foreign Account Tax Compliance Act (FATCA) to prevent offshore tax evasion. You only need to file this form if the
What Is Form 8865?
06/04/2026
Form 8865, officially titled “Return of U.S. Persons With Respect to Certain Foreign Partnerships,” is an annual information return required by the IRS for U.S. citizens, resident aliens, and domestic entities who hold specific ownership stakes, contribute capital, or engage in major transactions with a partnership based outside the United States. Rather than being a
What Is Form 8858?
06/04/2026
Form 8858, officially titled “Information Return of U.S. Persons With Respect to Foreign Disregarded Entities (FDEs) and Foreign Branches (FBs),” is an annual disclosure form required by the IRS to track the financial activities of overseas business structures that are legally separated from their owners but ignored for U.S. tax purposes. Rather than being a
What Is Form 8621?
06/04/2026
Form 8621, officially titled “Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund,” is a complex IRS tax form used by U.S. taxpayers to report their ownership in offshore passive investments. It tracks your holdings, distributions, and income from foreign-domiciled mutual funds, ETFs, hedge funds, or holding companies, which
What Is Form 8288?
06/04/2026
Form 8288, officially titled “U.S. Withholding Tax Return for Certain Dispositions by Foreign Persons,” is an IRS tax document used to report and transmit withholding taxes when an international person or entity sells U.S. real estate or certain partnership interests. The IRS places the operational burden on the buyer (or a designated withholding agent) to
What Is Form 709?
06/04/2026
Form 709, officially titled the “United States Gift (and Generation-Skipping Transfer) Tax Return,” is an annual tax return used by individuals to report substantial financial gifts and wealth transfers to the IRS. You are required to file this form if you give cash, property, or business equity to any single person that exceeds the standard
What Is Form 706?
06/04/2026
Form 706 is a comprehensive IRS tax return used by the executor of a deceased person’s estate to calculate and report federal estate tax and generation-skipping transfer tax liabilities. It is legally required when the decedent’s total gross estate value crosses the statutory lifetime exclusion threshold established by Congress at the time of their passing.