Looking for a Irs Form 8858 Templates? Download it for free!

•

CFP for failure to furnish the required

exchange rate is 118.5050 Japanese Yen

Include the annual accounting period of

information within the time prescribed. If

to 1 U.S. dollar (0.00843846 U.S. dollars

the dormant FDE (below the title of the

the information is not filed within 90 days

to 1 Japanese Yen). Divide 30,255,400

form) and complete items 1a through 1e

after the IRS has mailed a notice of the

Yen by 118.5050 to determine the U.S.

and 1g.

•

failure to the U.S. person, an additional

dollar amount to enter on line 7 of

Complete items 3a through 3d, if

$10,000 penalty (per CFC or CFP) is

Schedule H. Enter 118.5050 after the

applicable.

•

charged for each 30-day period, or

flush language following line 7.

Complete items 4a through 4c, if

fraction thereof, during which the failure

applicable.

Electronic Filing of Form 8858

continues after the 90-day period has

File this summary return in the manner

If you file your income tax return

expired. The additional penalty is limited

described in When and Where To File on

electronically, see the instructions for your

to a maximum of $50,000 for each failure.

page 1.

•

income tax return for general information

Any person who fails to file or report all

about electronic filing.

of the information required within the time

prescribed will be subject to a reduction of

Note. If you are filing Form 1120

Specific Instructions

10% of the foreign taxes available for

electronically, you must attach Form

credit under sections 901, 902, and 960.

8858 electronically (as an attachment to

Important: If the information required in

If the failure continues 90 days or more

your electronically filed Form 5471, Form

a given section exceeds the space

after the date the IRS mails notice of the

8865, or Form 1120). If you are filing

provided within that section, do not write

failure to the U.S. person, an additional

Form 1040, 1041, or 1065 electronically

“see attached” in the section and then

5% reduction is made for each 3-month

(with or without a Form 5471 or Form

attach all of the information on additional

period, or fraction thereof, during which

8865), attach Form 8858 to the applicable

sheets. Instead, complete all entry spaces

the failure continues after the 90-day

Form 8453.

in the section and attach the remaining

period has expired. See section

information on additional sheets. The

6038(c)(2) for limits on the amount of this

Computer-Generated Form

additional sheets must conform with the

penalty.

8858 and Schedules

IRS version of that section.

Criminal penalties. Criminal penalties

A computer-generated Form 8858 and its

under sections 7203, 7206, and 7207

schedules may be filed if they conform to

Identifying Information

may apply for failure to file the information

and do not deviate from the official form

required by section 6038.

and schedules. Generally, all

Annual Accounting Period

computer-generated forms must receive

Note. Any person required to file Form

Enter, in the space provided below the

prior approval from the IRS and are

8858 and Schedule M (Form 8858) who

title of Form 8858, the annual accounting

subject to an annual review.

agrees to have another person file the

period of the FDE for which you are

form and schedules for him or her may be

Submit all requests for approval to:

furnishing information. The annual

subject to the above penalties if the other

Internal Revenue Service, Attention:

accounting period of an FDE is the annual

person does not file a correct and proper

Substitute Forms Program,

accounting period or taxable year of the

form and schedule.

SE:W:CAR:MP:T:T:SP, 1111 Constitution

tax owner. Therefore, in the case of a

Avenue NW, IR-6406, Washington, DC

U.S. tax owner, the annual accounting

Other Reporting

20224.

period of the FDE is the taxable year of

the U.S. tax owner; and in the case of a

Requirements

Important: Be sure to attach the

CFC or CFP that is a tax owner, the

approval letter to Form 8858.

Reporting Exchange Rates on

annual accounting period of the FDE is

Every year, the IRS issues a revenue

Form 8858

the annual accounting period of the CFC

procedure to provide guidance for filers of

or CFP.

When translating amounts from functional

computer-generated forms. In addition,

currency to U.S. dollars, you must use the

every year the IRS issues Pub. 1167,

Person Filing This Return

method specified in these instructions.

General Rules and Specifications For

But, regardless of the specific method

In the spaces provided at the top of page

Substitute Forms and Schedules, which

required, all exchange rates must be

1 of Form 8858, provide the identifying

reprints the most recent applicable

reported using a “divide-by convention”

information for the U.S. person filing Form

revenue procedure. Pub. 1167 can be

rounded to at least 4 places. That is, the

8858 (see definition on page 1).

ordered by calling 1-800-TAX-FORM

exchange rate must be reported in terms

(1-800-829-3676). This publication is also

If a U.S. corporation is the U.S.

of the amount by which the functional

available from the IRS website at www.

person filing Form 8858 and is a member

currency amount must be divided in order

irs.gov.

of a consolidated group, list the common

to reflect an equivalent amount of U.S.

parent as the person filing the return and

Dormant FDEs

dollars. As such, the exchange rate must

enter its identifying information in the

be reported as the units of foreign

Announcement 2004-4, 2004-4 I.R.B.

spaces provided at the top of page 1 of

currency that equal one U.S. dollar,

357, provides for a summary filing

the form.

rounded to at least 4 places. Do not

procedure for filing Form 8858 for a

report the exchange rate as the number

Name Change

dormant FDE. A dormant FDE is an FDE

of U.S. dollars that equal one unit of

that would be a dormant controlled

If the name of the person filing the return,

foreign currency.

foreign corporation (CFC) if it were

the tax owner, the direct owner, or the

Note. You must round the result to more

treated as a foreign corporation for U.S.

FDE whose activities are being reported

than 4 places if failure to do so would

tax purposes.

changed within the past 3 years, show the

materially distort the exchange rate or the

prior name(s) in parentheses after the

If you elect the summary procedure,

equivalent amount of U.S. dollars.

current name.

complete only the identifying information

Example. During its annual

above Schedule C on page 1 of Form

Addresses

accounting period, an FDE owned by a

8858 for each dormant FDE as follows:

•

Use the following instructions to complete

U.S. person had current income of

The top margin of the summary return

lines 1a, 2a, 2b, 3a, 4a, and the entry

30,255,400 Yen on Schedule H, line 6.

must be labeled “Filed Pursuant to

spaces at the top of page 1 of the form for

The Schedule H instructions specify that

Announcement 2004-4 for Dormant FDE.”

•

the filer’s address.

the filer must translate these amounts into

Include the name, address, identifying

U.S. dollars at the average exchange rate

number, and tax year of the U.S. person

U.S. Addresses. Include the suite,

for the tax year in accordance with the

filing Form 8858 (see definition on page

room, or other unit number after the street

rules of section 989(b). The average

1).

address. If the Post Office does not

-2-

Instructions For Form 8858 - Information Return Of U.s. Persons With Respect To Foreign Disregarded Entities - 2008 Page 2

Related Articles

Related forms

Related Categories