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Glossary

Non Alphabetical

926 Form
A U.S. person or entity who makes a transfer of property to a foreign corporation may be required to file this form.

1040 Form
The standard Internal Revenue Service (IRS) form that individuals use to file their annual income tax returns. The form contains sections that require taxpayers to disclose their financial income status for the year
in order to ascertain whether additional taxes are owed or whether the taxpayer is due for a tax refund. 1040 forms need to be filed with the IRS by April 15.

1040A Form
A simplified version of the 1040 form for individual income tax. To be eligible to use a 1040A form, an individual must fulfill certain requirements such as not itemizing deductions,
not owning a business and having a taxable income of less than $100,000.

1040ES Form
Estimated Tax for Individuals for Income Tax Year.

1040EZ Form
The 1040EZ is an alternative to the Internal Revenue Serviceís (IRS) 1040 income tax form and offers a faster and easier way to file taxes, meant for taxpayers with rudimentary tax situations.
In order to be eligible to use this form, the individual must have a taxable income of less than $100,000, interest income of $1,500 or less, possess no dependents and fulfill other requirements set by the IRS.

1040NR Form
Nonresident aliens are required to use this form if claiming dependents, tax treaty, or other exemptions or deductions, or US-source income that exceeds the annual limit.

1040NR-EZ Form
Nonresident aliens who meet the qualifications (example: students in F-1 or J-1 status) may use the ìeasyî form.

1040X Form
Amended US Individual Income Tax Return.

1041 Form
US Income Tax Return for Estates and Trusts. The fiduciary of a domestic decedent’s estate, trust, or bankruptcy estate uses Form 1041 to report:
ïThe income, deductions, gains, losses, etc., of the estate or trust;
ïThe income that is either accumulated or held for future distribution or distributed currently to the beneficiaries;
ïAny income tax liability of the estate or trust; and
ïEmployment taxes on wages paid to household employees.

3520 Form
Annual return used to report certain transactions with foreign trusts and receipt of certain large gifts or bequests from certain foreign persons.

3520A Form
Annual Information Return of Foreign Trust With a U.S. Owner. The form provides information about the foreign trust, its U.S. beneficiaries, and any U.S. person who is treated as an owner of any portion of the foreign trust.

1042-S Form
Foreign Personís U.S. Source Income Subject to Withholding – Generally, every non-resident alien individual, non-resident alien fiduciary, and foreign corporation with United States income, including income that is
effectively connected with the conduct of a trade or business in the United States, must file a United States income tax return. However, no return is required to be filed by a non-resident alien individual, nonresident
alien fiduciary, or foreign corporation if such person was not engaged in a trade or business in the United States at any time during the tax year and if the tax liability of such person was fully satisfied by
the withholding of United States tax at the source.

1065 Form
U.S. Return of Partnership Income. A partnership pays income tax through the returns of its partners, allocating share of income or loss to each partner according to the terms of the partnership agreement. The partnership files an information return on Form 1065, then gives each partner Schedule K-1 showing his or her share of income/loss for the year.

1120 Form
U.S. Corporation Income Tax Return, used by C corporations for tax returns.

1120-F Form
Used to report the income, gains, losses, deductions, credits, and to figure the U.S. income tax liability of a foreign corporation.

1120-S Form
U.S. Income Tax Return for an S Corporation. Used to report the income, gains, losses, deductions, credits, etc., of a domestic corporation or other entity for any tax year covered by an election to be an S corporation.

1120-W
Estimated Tax for Corporations. If you are filing a tax return for a corporation, you generally have to make estimated tax payments for your corporation if you expect it to owe tax of $500 or more when you file its return.

5471 Form
Used by certain U.S. citizens and residents who are officers, directors, or shareholders in certain foreign corporations.

8865 Form
if you own 10% or more of a foreign partnership or foreign flow through LLC. This form shows the income and expense statement of the foreign partnership and the yearly balance sheet. It also reports details of the partnership and your allocable share of the partnerships income.

8833 Form
Form 8833 is an official document used to claim treaty benefits.

8233 Form
Exemption From Withholding on Compensation for Independent (and Certain Dependent) Personal Services of a Non-resident Alien Individual
Form ñ if you are a non-resident alien individual who is receiving
compensation for either dependent or independent personal services performed in the U.S use this form to claim a tax treaty withholding exemption.

8938 Form
Statement of Specified Foreign Financial Assets. If a taxpayer has more than a certain threshold of foreign assets, Form 8938 is required to be included as part of their annual 1040 filing and requires reporting an expanded list of foreign assets which are not covered in the FBAR.
Taxpayers required to file Form 8938 (foreign financial asset reporting) but who do not, are subject to penalties, namely a $10,000 failure to file penalty, an additional penalty of up to $50,000 for continued failure to file after IRS notification, and a 40% penalty on an understatement of tax attributable to non-disclosed assets. Further, taxpayers who do not report their foreign bank and investment accounts on their financial report tot he US Treasury (FBAR) face an annual penalty of $10,000 per undisclosed account.

709 Form
United States Gift (and Generation-Skipping Transfer) Tax Return. Used to report taxable gifts and allocate the lifetime use of one’s generation-skipping transfer tax exemption. Must be filed on or before April 15 of the year following the year in which a taxable gift or a generation-skipping transfer is made.

706 Form
United States Estate (and Generation-Skipping Transfer) Tax Return. For deaths that occur in 2010 or 2011, Form 706 must be filed for the estate of every U.S. citizen or resident whose gross estate, plus adjusted taxable gifts and specific exemption, is more than $5,000,000. For 2012, the gross estate, plus adjusted taxable gifts and specific exemption, must exceed $5,120,000.

Did you Know?

  • Fact Seven

    Thanks to FATCA banks must disclose their American account holders to the IRS or local tax authority.
  • Fact Six

    The IRS is actively looking for non compliant US persons.
  • Fact Five

    It takes an average of 16 hours to do IRS Form 1040.
  • Fact Four

    There are over 500 IRS tax forms.
  • Fact Three

    Since 1916, illegal income has been taxable.
  • Fact Two

    US persons must file tax
    returns no matter where they live and work.
  • Text One

    7 million Americans abroad
    only 500,000 compliant

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