IRS Form 5500-EZ – One-Participant Retirement Plan Return
What Is IRS Form 5500-EZ? IRS Form 5500-EZ is an annual information return used to report certain one-participant retirement plans, such as solo 401(k) plans and other owner-only plans. It provides the IRS with details about plan assets, contributions, and compliance. This form applies to plans that cover only the business owner (and spouse, if […]
IRS Form 656 – Offer in Compromise Application
What Is IRS Form 656? IRS Form 656 is the agreement form used in an Offer in Compromise (OIC) request. It sets out the terms under which the IRS may accept less than the full amount of federal tax owed to settle a tax debt. Form 656 is not a stand-alone filing for most taxpayers. […]
IRS Form 944 – Employer’s Annual Federal Tax Return
What Is IRS Form 944? IRS Form 944 is used by certain small employers to report and pay federal payroll taxes on an annual basis instead of filing quarterly payroll tax returns. The IRS determines which employers are eligible to file Form 944. Employers cannot choose this form on their own without IRS approval. What […]
IRS Form 8949 – Sales and Other Dispositions of Capital Assets
What Is IRS Form 8949? IRS Form 8949 is used to report the sale or disposition of capital assets, such as stocks, bonds, cryptocurrency, real estate, or other investments. It provides detailed transaction information that supports the totals reported on Schedule D. Form 8949 helps the IRS verify capital gains and losses and how they […]
IRS Form 2553 – S Corporation Election
What Is IRS Form 2553? IRS Form 2553 is used by eligible businesses to elect S corporation (S corp) tax status. By filing this form, a corporation or LLC chooses to be taxed under Subchapter S of the Internal Revenue Code rather than as a C corporation. The election changes how income, losses, deductions, and […]
IRS Form 5472 – Foreign-Owned U.S. Entity Reporting
What Is IRS Form 5472? IRS Form 5472 is an information return used to report certain reportable transactions between a U.S. entity and its foreign owners or related foreign parties. It is required for 25% foreign-owned U.S. corporations and certain foreign corporations engaged in a U.S. trade or business. Form 5472 is a disclosure form. […]
IRS Form 6251 – Alternative Minimum Tax (AMT) for Individuals
What Is IRS Form 6251? IRS Form 6251, titled Alternative Minimum Tax (AMT) for Individuals, is used to determine whether you owe the Alternative Minimum Tax (AMT) and to calculate the amount due if it applies. The AMT is a separate tax calculation designed to ensure certain taxpayers pay a minimum level of tax when […]
IRS Form 8821 – Tax Information Authorization
What Is IRS Form 8821? IRS Form 8821, titled Tax Information Authorization, allows you to authorize a third party to receive and review your tax information from the Internal Revenue Service (IRS). This form does not grant representation rights. It only allows access to information, such as account transcripts, balances, notices, and filing history. What […]
IRS Form 3115 – Application for Change in Accounting Method
What Is IRS Form 3115? IRS Form 3115, titled Application for Change in Accounting Method, is used to request approval from the Internal Revenue Service (IRS) to change how income or expenses are accounted for on a tax return. This form applies to both individuals and businesses that want to correct or modify an accounting […]
IRS Form 843 – Claim for Refund and Request for Abatement
What Is IRS Form 843? IRS Form 843, officially titled Claim for Refund and Request for Abatement, is used to ask the Internal Revenue Service (IRS) to refund certain taxes or fees you paid in error or remove (abate) penalties or interest that were incorrectly charged or should not apply based on your circumstances. This […]