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CO online Form 851: What You Should Know
I read an article about the fact that you need to be an employee of the U.S. entity. Anonymous · Nov 21, 2024 9:18 AM · Why are these corporations filing Form 851? There are so many reasons. Most notably: they want to be seen as having tax liability for all their affiliates. Also, they want to comply with the law. There are, of course, some people that are filing the 851 to get some back for their business investment or as part of a trust. These people need to understand, however, that even the simplest of businesses can have subsidiaries or affiliates. Some are legal and should be allowed to continue making and paying taxes to the company that they are apart. Some are illegal and need to be closed. Tax experts at the Internal Revenue Service say corporations that are filing for Form 851: are being careful. It may appear as though they can do so in order to reduce their tax liability, but according to the government, they shouldn't. The reason they are doing this is that they aren't ready to do anything that may create extra problems for themselves in the future. If the IRS found out, it could result in penalties and back taxes. The 851 also acts as a form of disclosure to each group. Anonymous · Mar 20, 2024 1:58 PM · There's a reason it's listed on the form, and it's tax planning, isn't it? Anonymous · Jul 20, 2024 9:57 PM · Anonymous The IRS said that you can't change the form number to make a Form 851 an 852. You really can't. Anonymous · Oct 08, 2024 9:53 AM · “A Form 851 for a parent corporation is not different from a 709.” If the parent company changes tax law, it cannot issue a Form 709 for a “new” subsidiary. An 851 is “revised information” showing all affiliated companies. If the parent company changes tax law then, it can issue a Form 852 for a “new” subsidiaries. Anonymous · Feb 25, 2024 4:05 PM · I'm not sure what a Form 990 is, but any of that sounds pretty similar to a Form 851 for a parent company. In fact, the IRS itself warns taxpayers against using Form 990 for “new” corporations and affiliates (Form 990a).
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