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CO online Form 8288: What You Should Know
Must file and complete Forms 8288 on line 10 of Schedule C (Item 8) and line 22 of Schedule D (Item 10) of Form 1040. You must also prepare and file Form 8288 on line 5 of Schedule F (Item 8) and line 24 of Schedule J on form 1045. Frequently Asked Questions Regarding Withholding May 24, 2023 — This procedure is generally done by submitting a properly completed IRS Form 8288-A. Either the seller or buyer may use Form 8288-A to provide an acknowledgement to the federal or State governments that the buyer has deposited the taxes. This acknowledgement is not binding on the states. The seller or buyer may also use Form 8288-A if the tax is already on record, to make payments to the state in advance of the seller or buyer meeting the conditions described in paragraph (a) (8) below. A. Withholding Tax on Foreign Sales — the buyer's or seller's acknowledgement The U.S. Internal Revenue Service(IRS) is considering the following requests: (1) Acknowledging the sale and the amount of tax withheld; (2) Accepting a U.S. tax credit for the taxes being withheld; or (3) For tax paid or to be paid on an installment basis (payments are made before the item is sold or the money is paid) for which a credit was not approved. We request this acknowledgement from the transferee on Form 8288A with the following information: (A) The date of receipt; (B) Whether the total amount to be withheld was 50,000 or more; (C) Whether the IRS did withhold the amount withheld; (D) Whether the transferor is a U.S. person or a non-U.S. person in the United States; (E) Name of seller, transferor (if seller); (F) Total amount to be withheld; (G) U.S. or non-U.S. person or organization name, address, and telephone number; (H) Date of the disposition; (I) Name, address, and telephone number of the place of business or the location by which the property was disposed of; and (J) A statement that the seller or transferor made and will submit the Form 8288-A to the IRS with the notice required by §25.1053(a)(2)(iii).
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