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What Is Form 8978?
Form 8978 is a tax form used by foreign financial institutions (FFIs) to report information about their US account holders to the Internal Revenue Service (IRS). The form was introduced as part of the Foreign Account Tax Compliance Act (FATCA), which was enacted in 2010 to combat offshore tax evasion by US taxpayers.
The purpose of Form 8978 is to help the IRS identify US taxpayers who hold assets in foreign financial accounts and ensure that they are reporting their income and paying the appropriate amount of tax. The form requires FFIs to provide detailed information about their US account holders, including their names, addresses, tax identification numbers, and account balances.
How To Fill Out Form 8978 Online
You can file IRS tax form 8978 electronically. Here are the form 8978 instructions you ought to follow:
- Visit PDFliner: First of all, you should visit the PDFliner site which provides a wide variety of different form templates for different situations.
- Find a template: Look for the IRS form 8978 by entering it into the search bar.
- Open the form: You may download the form to your computer, and ensure that you have a PDF reader installed on your device to open and view the form or open it on the PDFliner website.
- Complete the form: Follow the form 8978 instructions pdf, and enter all of the necessary information in the designated fields. Make sure that all of the information you enter is accurate and up-to-date.
- Save and submit the form: Once you have completed the form, save a copy to your computer for your records, and submit the form to the IRS.
What Should Form 8978 Include
Form 8978 should include information about the partnership's tax liabilities for the gap period, including any taxes owed on income earned during that time. In addition, the form should include the following information:
- Partnership information: This includes the name, address, and identification number of the partnership.
- Partner information: This includes the name, address, and identification number of each partner in the partnership.
- Tax liability information: This includes the total amount of tax owed by the partnership for the gap period, as well as the portion of that tax liability that is allocated to each partner.
- Payment information: This includes the amount of any payments made by the partnership to the IRS for the gap period, as well as the date and method of those payments.
When to Request Form 8978
Partnerships should request the 8978 form if they have a tax year that does not end on the last day of a calendar month. In particular, partnerships that have a fiscal year that ends on the 15th day of a month are required to file this form.
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Fillable online Form 8978