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Information provided on this site is for general guidance only and
is often simplified. Actual IRS procedures are complex, and taxpayers
should obtain professional assistance or use IRS sources for complete
information.
Foreign
Corporations The corporate
forms businesses may use to operate outside the
US and their tax characteristics.
Controlled
Foreign Corporation A
US person who is a shareholder of a CFC is potentially
liable for US tax and required to keep records.
DISC
A corporation must elect IC-DISC
status by filing Form 4876-A.
Partnerships
The payments of withholding tax required to be
made during a partnership's tax year are to be
reported on Form 8813 and paid over to the IRS
(in US currency). A partnership must generally
pay to IRS a portion of its estimated annual section
1446 payment for each foreign partner by the 15th
day of the fourth, sixth, ninth, twelfth months
of the partnership's tax year for US income tax
purposes. Any additional amounts determined to
be due are generally to be paid with the filing
of Form 8804.
In
addition, Form 8805 is used to show the amount
of effectively connected taxable income and any
withholding tax payments allocable to a foreign
partner for the partnership's tax year. At the
end of the partnership's tax year, Form 8805 must
be sent to each foreign partner whether or not
any withholding tax is paid.
It
should be delivered to the foreign partner by
the due date of the partnership return (including
extensions). A copy of Form 8805 for each foreign
partner must also be attached to Form 8804 when
it is filed. A copy of Form 8805 must be attached
to the foreign partner's U.S. income tax return
to take a credit on its Form 1040NR or Form 1120-
F.
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