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8288 penalties Form: What You Should Know

This will be a continuation of the story of the wife How Did I Get In Trouble With the IRS? I started with a Form 8288 with the Form 8288A, which was signed but was not filed, showing an understated amount of income, due to the non-lodged form. The Tax Advocate Podcast Here's the first clue that my wife wasn't going to have the tax refund that she claimed I got very irritated. This was a new form she requested, and I had no idea about it at first. It took me 2 hours to find and file it for her. She signed the form, and that was it. We weren't sure if it was the actual value of the property she was selling, although the seller's agent had provided receipts for the value of the property I went over to make sure she was satisfied with her purchase, but it didn't add up. How could I do that?  But Then, Things Really Got Weird This next letter went out on November 17, 2013, just 10 days after sending the Form 8288 with the Form 8288A. From C Dear Shareholder, The I.R.S. has determined that you are no longer eligible for a refund of taxes paid because it was not filed on time. Please be advised that the property will not be claimed for federal income tax purposes. If you have questions about this matter, call. The next mail came November 19, 2013, Dear Shareholder, The I.R.S. has determined that you are no longer eligible for a refund of taxes paid because it was not filed on time. Be advised that your rights to a refund may be rescinded and that additional civil penalties may apply. If you have questions about this matter, call. I could see how a simple mistake of one form could end with a refund check going from me to the IRS, but I wasn't satisfied by that. So I called the IRS. The agent I had talked to before told me to send the Form 8288 with the Form 8288A to the ICA. That was the I.C.A who would then have to figure out the tax due, and then pay the penalty due. The I.C.A.

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Video instructions and help with filling out and completing 8288 penalties

Instructions and Help about 8288 penalties

Hello Anthony hello Claudine we are back talking about FATCA we thought we wrapped up but one last thing we wanted to talk and I would even say that one last thing yeah for now for now for now what we want to talk about is we talked about penalties for individuals not filing certain forms right for the u.s. persons who have an account right that's who we're talking about yep well we did talk about but today we're talking about we're talking about ffs eyes or foreign financial institutions what are the penalties if they don't comply with all the FATCA laws right lots of digging done right we've spent a lot of time because it's like oh yeah what is the penalty for them what is the penalty for them and this is what we found out what did you what did you find out not a ton okay so here's what we do know the foreign financial institutions must report to the IRS information about financial accounts held by US taxpayers or by entities in which US taxpayers hold a substantial ownership interest they're supposed to undertake certain information due diligence procedures report annually to the IRS and account holders and withhold and pay over to the IRS 30 percent of any payments of us source income but we couldn't you know I kept looking for what happens if they don't comply there's the only single thing we could find in all our digging is FF eyes that do not enter into an agreement with the IRS will be subject to withholding on certain types of payments including us source interest in dividends gross proceeds from the disposition of u.s. securities and pass-through payments so I was expecting to find I mean the IRS is pretty...

FAQ - 8288 penalties

Who withholds Firpta?
In most cases, the transferee/buyer is the withholding agent. If you are the transferee/buyer, you must find out if the transferor is a foreign person. If the transferor is a foreign person and you fail to withhold, you may be held liable for the tax.
Who withholds FIRPTA?
In most cases, the transferee/buyer is the withholding agent. If you are the transferee/buyer, you must find out if the transferor is a foreign person. If the transferor is a foreign person and you fail to withhold, you may be held liable for the tax.
What are the FIRPTA rules?
FIRPTA is a tax law that imposes U.S. income tax on foreign persons selling U.S. real estate. Under FIRPTA, if you buy U.S. real estate from a foreign person, you may be required to withhold 10% of the amount realized from the sale. The amount realized is normally the purchase price.
What Is a IRS form 8288?
Form 8288, U.S. Withholding Tax Return for Dispositions by Foreign Persons of U.S. Real Property Interests. Form 8288-A, Statement of Withholding on Dispositions by Foreign Persons of U.S. Real Property Interests.
How do you avoid FIRPTA?
The only other way to avoid FIRPTA is via a withholding certificate. If FIRPTA withholding exceeds the maximum tax liability realized on the sale of the real property, sellers can appeal to the IRS for a lower withholding amount.
How do I report 8288-A?
Where can I enter withholding from Form 8288-A? Per the Instructions for Form 8288-A. "You must file a U.S. tax return (Form 1040NR, 1041, 1065, 1065-B, or 1120-F) to report the sale or other disposition as effectively connected with the conduct of a trade or business in the United States.
How do you avoid Firpta?
The only other way to avoid FIRPTA is via a withholding certificate. If FIRPTA withholding exceeds the maximum tax liability realized on the sale of the real property, sellers can appeal to the IRS for a lower withholding amount.
What does FIRPTA mean for a buyer in Florida?
Under FIRPTA, a buyer who purchases U.S. real estate from a foreign seller is obligated to withhold from seller's proceeds, and submit to the IRS, a percentage of the sales price of the U.S. real property.
How can I avoid paying FIRPTA?
The only other way to avoid FIRPTA is via a withholding certificate. If FIRPTA withholding exceeds the maximum tax liability realized on the sale of the real property, sellers can appeal to the IRS for a lower withholding amount.
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