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Form 8288 for Frisco Texas: What You Should Know
In particular, Form 8288 may be used for both partnerships and S corporations, and is the only IRS-approved IRS form to report and pay amounts to the partner or owners whose share of a partnership or S corporation has been transferred to another entity. The Form 8288 includes the partnership's name, the taxpayer/shareholder's name, the transferee entity's name, the transferee's address, and the aggregate partnership/S corporation net income tax payment or return liability. The Form 8288 is available for download below The forms and instructions are available on the IRS website: The new forms may also be accessed through IRS e-file: For all other taxpayers, Form 2553 is the required IRS tax form for completing and filing a U.S. federal income tax return or estimated tax payment, or to determine the amount of an estimated tax payment. Form 2553 details and provides more complete information about reporting and paying income taxes than the Form 8288 or the Form 936 forms does, including the date and time of the disposition; the taxpayer's income, deductions, credits, and exemptions; and the taxpayer's filing status. In addition, the Form 2553 does not require any information about foreign contacts; the Form 8288 or the Form 936 must have foreign contacts. The new Form 2553 is expected to replace Form 941. As soon as the form is issued, it is the same as the Form 2553 with some necessary changes. The Form 2553 may be completed on the following forms and can be downloaded or ordered from the IRS: More information about Form 2553 can be obtained by calling the 800 number on the front of Form 942, U.S. Individual Income Tax Return, for information on completing Form 942; at for information on Form 940; and by visiting IRS.gov for more specific information. The Form 940 also remains the required filing form for all individuals, because the Form 2553 is a substitute. The IRS will continue to issue Form 2553 on the first of the month for any disposition of U.S. real property, whether a sale at fair market value, a gift/donation or other transaction. It is still required for any subsequent property disposed of by a qualified real estate partnership, if the partnership owns other real property.
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