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AK Form 8883: What You Should Know

If you have been a business owner or worker for more than 365 days, you may be subject to the federal “unemployment” penalties that may affect the value of  your assets, property and income. If a business or worker is subject to such  provisions (for example, if the company has been in business for more than a year), Form 8883 should not be filed. The IRS announced April 10, 2003, and May 28, 2004, “the new reporting guidelines.” See IRC Section 554. IRS announced and released the June 26, 2006, Form 8881: Income Tax Return of Foreign Persons. The IRS also issued June 17, 2003, Guidance on the Deduction of Taxes Paid to Foreign Governments and Their Property Acquired in the United States.” The following are the key points of the Guidance: Any U.S. citizen or resident with a foreign investment company, partnership, or S Corporation is subject to U.S. tax on income. Foreign entities that are U.S. owners of a permanent establishment, property, or other assets must withhold and pay the federal income tax to the IRS on income that they receive from that permanent establishment, property, or other asset. The tax withheld and paid to the IRS is known as the 'foreign withholding tax'. What is the U.S. 'foreign withholding tax'? The 'foreign withholding tax' is generally the amount that a foreign partner of a U.S. taxpayer is obligated to withhold from wages and salaries on behalf of his or her partner. What is the U.S. 'foreign withholding tax'? The 'foreign withholding tax' is generally the amount that a foreign partner of a U.S. taxpayer is obligated to withhold from wages on behalf of his or her partner. For more information, please read IRS Guidance: Guidance on the Deduction of Taxes Paid to Foreign Governments and Their Property Acquired in the United States on IRS.gov. (This item has been removed from this website. If you have received a copy of it and believe you have qualified for it, please contact us.) The Guidance can be reviewed at Guidance on the Deduction of Taxes Paid to Foreign Governments and Their Property Acquired in the United States on IRS.gov The Guidance can be reviewed as follows.

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