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IRS Form 2624 – Consent for Third Party Contact – In the complex world of tax compliance, sometimes you need the IRS to verify information directly from third parties like banks, employers, or other payers. That’s where IRS Form 2624, Consent for Third Party Contact, comes into play. This form allows taxpayers to authorize the IRS to reach out to specific entities for records related to information returns, helping resolve discrepancies in income reporting. Updated as of 2025, this guide covers everything you need to know about Form 2624, including its purpose, how to fill it out, and when to use it. Whether you’re dealing with an audit or simply correcting your tax return, understanding this form can save you time and hassle.

What is IRS Form 2624?

IRS Form 2624 is an official document from the Department of the Treasury that grants the IRS permission to contact a third party on your behalf. Specifically, it’s used to authorize the disclosure of records pertaining to information returns (such as Form 1099 or W-2) for a particular tax year. This consent is limited to a three-month period from the date of signing, ensuring controlled access to your financial details.

The form also includes a section for revoking previous consents, giving you flexibility if circumstances change. Unlike broader authorizations like Form 2848 (Power of Attorney) or Form 8821 (Tax Information Authorization), Form 2624 is narrowly focused on verifying income for tax liability purposes. It’s particularly useful when you’ve requested corrections from a payer but haven’t received them, allowing the IRS to step in.

Key features of Form 2624:

• Purpose: Authorize IRS contact with payers for income verification.
• Duration: Valid for three months unless revoked earlier.
• Scope: Limited to information returns for a specific tax year.
• Signatures Required: Both spouses must sign if it’s a joint account.

This form ensures compliance with privacy laws, as financial institutions cannot disclose your records without explicit consent.

When Should You Use IRS Form 2624?

You might need to file Form 2624 in situations where there’s a mismatch between your reported income and what the IRS has on file from third-party reports. Common scenarios include:

• Disputing incorrect income amounts on Form 1099-INT (interest income) or Form 1099-MISC (miscellaneous income).
• Resolving underreported income during an IRS audit or automated underreporter (AUR) process.
• When a payer (e.g., a bank or employer) fails to provide corrected statements despite your requests.

Before using this form, always try to obtain the necessary information directly from the payer. If that’s not possible, Form 2624 empowers the IRS to request it for you. Note that this form doesn’t grant the third party any authority to represent you—it’s strictly for information disclosure.

In 2025, with increased IRS scrutiny on digital reporting and gig economy income, this form remains relevant for taxpayers navigating complex financial records.

How to Fill Out IRS Form 2624: Step-by-Step Instructions

Filling out Form 2624 is straightforward, but accuracy is crucial to avoid delays. The form is divided into three parts. Download the latest version from the IRS website (revised November 2017, still in use as of 2025). Here’s a breakdown:

Part 1: Information Return Filed with IRS

This section authorizes the disclosure. Fill in:

• The name of the third party (e.g., “Pine Bank”).
• The tax year in question (e.g., “2024”).
• Sign and date the form, including a daytime phone number.
• If it’s a joint account, your spouse must also sign.

Example statement: “For determining an income tax liability, I authorize [Payer Name] to disclose to the IRS, for a period of three months from the date of this consent, records pertaining to any information returns filed by [Payer Name] for the taxable year [Year].”

Mail copies to both the IRS and the payer.

Part 2: Provide Information to Associate Your Consent with Records

Help the IRS link your consent to their system by providing:

• Line 1: Taxpayer identification number (SSN or EIN).
• Line 2: Payer’s name.
• Line 3: Account number (if applicable).
• Line 4: Payer’s street address.
• Line 5: Payer’s city, state, and ZIP code.

This ensures the consent is properly matched.

Part 3: Revoking Consent

If you need to cancel a previous authorization:

• Fill in the payer’s name and the tax year.
• Sign and date, with spouse’s signature if joint.
• Submit to the IRS office from your most recent notice.

Always keep a copy for your records.

IRS Form 2624 Download and Printable

Download and Print: IRS Form 2624

Important Considerations and Privacy Notes

• Privacy Act Compliance: Financial institutions can’t require this consent as a condition of business, and you can request records of any disclosures they make.
• Limitations: This form doesn’t allow the third party to discuss your tax matters broadly—use Form 2848 for representation.
• Submission: Send the signed form to the IRS address on your latest correspondence or notice.
• Revocation Timing: You can revoke anytime before disclosure occurs.

If you’re unsure, consult a tax professional to avoid unintended disclosures.

Where to Get and Submit IRS Form 2624

Download Form 2624 directly from the IRS website. Submit it via mail to the specified IRS office. Electronic submission isn’t available for this form as of 2025.

Frequently Asked Questions About IRS Form 2624

What’s the difference between Form 2624 and Form 8821?

Form 2624 is for specific third-party contact for income verification, while Form 8821 allows broader access to your tax information without representation rights.

Can I use Form 2624 for multiple tax years?

No, it’s limited to one tax year per form. File separate forms if needed.

Is Form 2624 required for all third-party contacts?

Only when you want the IRS to request information on your behalf after direct attempts fail.

What if I make a mistake on the form?

Contact the IRS immediately or submit a revocation and a new form.

For personalized advice, consider reaching out to a certified tax advisor. This guide is for informational purposes only and reflects information available as of December 2025. Always verify with official IRS sources for the latest updates.

 

IRS Form 8288-A – Statement of Withholding on Dispositions by Foreign Persons of U.S. Real Property Interests – When a foreign person sells or disposes of a U.S. real property interest (USRPI), U.S. tax rules require withholding to ensure compliance with the Foreign Investment in Real Property Tax Act (FIRPTA) under Internal Revenue Code Section 1445. IRS Form 8288-A, titled Statement of Withholding on Dispositions by Foreign Persons of U.S. Real Property Interests, plays a critical role in this process. This form documents the tax withheld and allows the foreign seller (transferor) to claim credit for it on their U.S. tax return.

As of December 2025, the current version of Form 8288-A is the January 2023 revision, per the official IRS website. Understanding Form 8288-A is essential for buyers, sellers, and withholding agents involved in international real estate transactions to avoid penalties and ensure proper tax reporting.

 

What Is FIRPTA and Why Does Withholding Apply?

FIRPTA, enacted in 1980, authorizes the United States to tax foreign persons on gains from the disposition of U.S. real property interests. A USRPI includes real estate like land, buildings, and certain interests in U.S. corporations holding real property.

The buyer (transferee) is typically responsible for withholding tax, acting as the withholding agent. The standard withholding rate is 15% of the amount realized (generally the sales price), unless reduced by exceptions or a withholding certificate.

Without proper withholding and reporting via Forms 8288 and 8288-A, the buyer may face liability for the tax, plus interest and penalties.

Purpose of IRS Form 8288-A

Form 8288-A serves as a statement verifying the amount withheld from the foreign seller. It is prepared for each foreign transferor involved in the disposition.

Key functions include:

• Providing details about the transferor, transferee, property, and withheld amount.
• Allowing the IRS to validate the withholding.
• Enabling the foreign seller to receive a stamped Copy B, which they attach to their U.S. tax return (e.g., Form 1040-NR) to claim credit for the withheld tax.

The form has three copies:

• Copy A and B: Attached to Form 8288 and sent to the IRS.
• Copy C: Retained by the withholding agent.

The IRS processes the forms and, if complete (including the transferor’s TIN), stamps and returns Copy B to the seller for credit claiming.

IRS Form 8288-A Download and Printable

Download and Print: IRS Form 8288-A

How Form 8288-A Works with Form 8288

Form 8288-A is used in conjunction with Form 8288, the U.S. Withholding Tax Return for Dispositions by Foreign Persons of U.S. Real Property Interests.

Process overview:

1. The buyer withholds the required tax at closing.
2. Within 20 days after the date of transfer, the buyer files Form 8288 with the IRS, attaching Copies A and B of Form 8288-A.
3. The withheld tax is remitted to the IRS (electronically via EFTPS for payments after September 30, 2025).
4. The IRS validates and returns stamped Copy B of Form 8288-A to the foreign seller.

If the transferor’s U.S. taxpayer identification number (TIN, such as an ITIN) is missing, the IRS will not stamp and return Copy B until the TIN is provided.

Who Must File Form 8288-A?

The buyer or transferee (withholding agent) prepares and submits Form 8288-A along with Form 8288. Foreign sellers do not file it directly but use the stamped copy for their tax return.

Exceptions where withholding (and thus these forms) may not apply include:

• The sales price is $300,000 or less, and the buyer intends to use the property as a residence.
• The seller provides a certification of non-foreign status.
• A withholding certificate reduces or eliminates the requirement.

Applying for Reduced Withholding: Form 8288-B

If the actual tax liability is expected to be less than the standard 15% withholding (e.g., due to low gain or loss), the seller or buyer can apply for a withholding certificate using Form 8288-B. Approval can reduce withholding to the anticipated tax amount, potentially allowing more proceeds to the seller at closing.

Applications should be submitted before or at closing for best results.

Recent Updates and Filing Requirements (as of 2025)

• The January 2023 revisions to Forms 8288 and 8288-A incorporate rules for certain partnership interest transfers under Section 1446(f).
• FIRPTA withholding payments must now be made electronically via the Electronic Federal Tax Payment System (EFTPS), with paper checks phased out after September 30, 2025.
• Always check the IRS website for the latest forms and instructions, as rules can evolve.

Tips for Compliance and Claiming Credit

• Foreign sellers should obtain an ITIN if needed by filing Form W-7.
• Attach the stamped Form 8288-A to your U.S. tax return to claim the withholding credit—overwithholding often results in refunds.
• Consult IRS Publication 515 (Withholding of Tax on Nonresident Aliens and Foreign Entities) for detailed guidance.

Proper handling of Form 8288-A ensures smooth FIRPTA compliance, minimizes delays in refunds, and avoids IRS penalties. For personalized advice, consult a tax professional familiar with international real estate transactions.

Sources: Official IRS website (irs.gov/forms-pubs/about-form-8288-a, irs.gov/instructions/i8288, and related pages), Publication 515, and FIRPTA withholding guidance as of late 2025.

 

IRS Form 8082 – Notice of Inconsistent Treatment or Administrative Adjustment Request (AAR) – IRS Form 8082, titled “Notice of Inconsistent Treatment or Administrative Adjustment Request (AAR),” is a critical tax document for partners, shareholders, and beneficiaries dealing with pass-through entities. As of the latest revision in October 2025, this form serves two primary purposes: notifying the IRS of inconsistencies in how items are reported on your tax return compared to the pass-through entity’s reporting, and allowing certain partnerships to request administrative adjustments to prior returns under the Bipartisan Budget Act (BBA) rules.

Whether you’re a partner in a partnership, an S corporation shareholder, a trust beneficiary, or involved with a REMIC (Real Estate Mortgage Investment Conduit), understanding Form 8082 can help ensure compliance and avoid penalties. This guide covers what the form is, when to file it, how to complete it, and key updates for 2025.

What Is IRS Form 8082?

Form 8082 allows taxpayers to alert the IRS to discrepancies between their individual tax treatment of items and the treatment reported by a pass-through entity on schedules like Schedule K-1, Schedule K-3, Schedule Q, Form 8986 (from a BBA AAR), or foreign trust statements.

Pass-through entities (such as partnerships, S corporations, estates, trusts, foreign trusts, and REMICs) generally do not pay entity-level taxes. Instead, income, deductions, credits, and other items “pass through” to owners or beneficiaries, who must typically report them consistently with the entity’s filing.

If you report an item differently—intentionally or due to missing information—you must file Form 8082 to notify the IRS. Failure to do so can result in immediate assessment of deficiencies, including penalties.

Additionally, under the BBA centralized partnership audit regime (applicable to most partnerships for tax years beginning after 2017), the partnership representative (PR) or designated individual (DI) uses Form 8082 to file an Administrative Adjustment Request (AAR) correcting errors on a previously filed Form 1065.

When to File Form 8082

You should file Form 8082 in these common scenarios:

• Inconsistent Treatment: You report an item (e.g., income, deduction, credit, or even non-monetary items like capital ownership percentage) differently from the pass-through entity’s Schedule K-1, K-3, Q, Form 8986, or foreign trust statement.
• Missing Schedules: You did not receive required schedules (e.g., Schedule K-1, K-3, or Q) by your return’s due date (including extensions).
• BBA Partnership AAR: As the PR or DI, you’re correcting items on a prior partnership return. This includes calculating any imputed underpayment (IU) or electing to “push out” adjustments to reviewed-year partners via Forms 8985 and 8986.

Note: TEFRA (Tax Equity and Fiscal Responsibility Act) rules no longer apply for tax years beginning after 2017, and references to them have been removed in the 2025 form revision.

Form 8082 must not be filed alone. Attach it to your income tax return (for inconsistent treatment) or to the amended/corrected partnership return (for AAR).

Key Changes in the 2025 Revision of Form 8082

The latest Form 8082 (Rev. October 2025) and its instructions reflect ongoing refinements to the BBA rules:

• Removal of all TEFRA references, as they are obsolete for current tax years.
• Clarified sections for BBA AAR filings, including questions about imputed underpayments, push-out elections under section 6227(b)(2), and revoking/designating a new PR (requiring attachment of Form 8979 if applicable).
• Emphasis on electronic filing for BBA AARs, often paired with a revised Form 1065.
• Updated guidance on handling adjustments that do not result in an IU, requiring push-out statements (Forms 8985 and 8986) to partners.

Always download the current version from IRS.gov to ensure compliance.

IRS Form 8082 Download and Printable

Download and Print: IRS Form 8082

How to Complete and File Form 8082: Step-by-Step

Part I: General Information

• Check box (a) for notice of inconsistent treatment or box (b) for AAR.
• For BBA AARs, answer questions about IU, push-out elections, and PR changes.

Identifying the Pass-Through Entity

• Specify the entity type (e.g., BBA partnership, S corporation).
• Provide the entity’s name, EIN, address, and tax year.

Part II: Inconsistent or AAR Items (Lines 8–11)

• Describe each item (column a).
• Indicate the amount reported by the entity (column c), your reported amount (column d), and the difference (column e).
• For non-monetary items, provide explanations in Part III without filling monetary columns.

Part III: Explanations

• Detail reasons for inconsistencies or adjustments, including IU calculations if applicable.

Filing Tips

• Attach supporting schedules or statements as needed.
• For electronic BBA AARs: File a revised Form 1065 (amended box checked) with Form 8082 attached.
• For paper filings: Use Form 1065-X in some cases.
• Sign the form (manual signature required for certain push-out attestations).

Consult a tax professional for complex AARs involving imputed underpayments or modifications (which may require Form 8980).

Common Mistakes to Avoid with Form 8082

• Filing inconsistently without notifying the IRS via Form 8082, leading to penalties.
• Incomplete IU calculations for BBA AARs.
• Forgetting to furnish Forms 8986 to partners when pushing out adjustments.
• Using outdated form versions—always use the October 2025 revision or later.

Conclusion

IRS Form 8082 is essential for maintaining consistency in pass-through entity reporting and correcting errors under BBA rules. By filing it promptly and accurately, you can avoid assessments and penalties while ensuring proper tax treatment.

For the most up-to-date information, visit the official IRS page on About Form 8082 or download the form and instructions directly from IRS.gov. Tax laws can be complex, so consider consulting a qualified tax advisor for your specific situation.

This article is for informational purposes only and not tax advice. Sources: IRS.gov (Form 8082 Rev. October 2025, Instructions Rev. October 2025).

 

IRS Form 9325 – Acknowledgement and General Information for Taxpayers Who File Returns Electronically – In the digital age of tax filing, millions of Americans opt for electronic filing (e-filing) through IRS-approved providers for its speed, accuracy, and convenience. If you’ve e-filed your individual income tax return or extension, you may receive or request IRS Form 9325 — the official Acknowledgement and General Information for Taxpayers Who File Returns Electronically. This form serves as proof that the IRS has received and accepted your electronic submission.

As of 2025, Form 9325 remains an essential document for confirming e-file status, tracking refunds, and maintaining records. Below, we’ll explore what Form 9325 is, its purpose, key details, and why it matters for e-filers.

 

IRS Form 9325 Download and Printable

Download and Print: IRS Form 9325

What Is IRS Form 9325?

IRS Form 9325 is a confirmation document generated after the IRS accepts an electronically filed individual tax return (Form 1040 series) or extension (Form 4868). It is not a form you fill out or submit yourself — instead, your Electronic Return Originator (ERO), such as a tax professional or software provider, uses IRS acknowledgement data to create and provide it to you.

The latest version of Form 9325 is the January 2017 revision, available directly from the IRS website at irs.gov/pub/irs-pdf/f9325.pdf. Despite changes in tax laws and e-filing capabilities (like amended returns), this version is still in use as of late 2025.

Key points:

• It confirms acceptance of your original return or extension.
• It does not apply to amended returns (Form 1040-X), business returns, or paper filings.
• Taxpayers often request it as proof of timely filing, especially for visa applications, loans, or audits.

Purpose of Form 9325 for E-Filers

The primary role of Form 9325 is to provide peace of mind and documentation:

• Confirmation of Acceptance: The IRS typically acknowledges e-filed returns within 24-48 hours. Acceptance means your return passed initial checks and is in processing.
• Proof of Filing: It includes a unique Submission ID (a tracking number) and acceptance date, useful for verifying filing status.
• General Guidance: It outlines next steps, such as what to do if payments fail, how to amend returns, or how to check refund status via “Where’s My Refund?” on IRS.gov.
• Record-Keeping: Many tax preparers automatically generate and provide this form for their records and yours.

Unlike rejection notices (which explain errors), Form 9325 indicates success. If your return is rejected, you’ll need to correct and resubmit — no Form 9325 is issued until accepted.

Key Information on IRS Form 9325

Form 9325 includes taxpayer details and specific checkboxes filled by the ERO based on IRS acknowledgement data:

• Taxpayer Name and Address
• Tax Year and IRS Submission Processing Center
• Acceptance Date and Submission ID
• Checkboxes for scenarios like:
  • PIN usage (Practitioner PIN or Self-Select PIN)
  • Payment issues (e.g., if electronic funds withdrawal failed)
  • Extension approval (for Form 4868)

It also reminds taxpayers:

• To use Form 1040-X for amendments (mailed, as e-filing amendments may have separate processes).
• Options for installment agreements (Form 9465) if you owe taxes.
• How to inquire about payments or refunds.

How to Obtain Form 9325 in 2025

• Through Your Tax Preparer: Most professional software (e.g., TaxSlayer, Drake, TaxAct) automatically generates it upon IRS acceptance.
• Self-Prepared Returns: If using software like TurboTax or direct IRS Free File, check your account for an e-file confirmation letter, which often includes similar details (Submission ID and acceptance date). Some users report challenges getting the exact Form 9325 format.
• Request from IRS: Not directly issued by the IRS to taxpayers, but your ERO can provide it using official data.

For the blank form or more details, visit the official IRS source: IRS.gov Form 9325 PDF.

Why Form 9325 Matters for Your Tax Refund and Compliance

Having Form 9325 helps:

• Track Your Refund: Use the Submission ID on IRS.gov’s “Where’s My Refund?” tool.
• Prove Timely Filing: Essential for avoiding late penalties or supporting claims in disputes.
• Handle Issues Promptly: Alerts you to payment problems or other flags.

E-filing is the preferred method for over 90% of returns, offering faster refunds (often within 21 days). Always retain Form 9325 with your tax records for at least three years.

If you’re preparing your 2025 taxes (for tax year 2024), ensure your e-file provider supplies this acknowledgement. For questions, contact the IRS at 1-800-829-1040 or consult a tax professional.

Sources: Official IRS Form 9325 (Rev. January 2017) and related publications from IRS.gov.

 

IRS Form 5227 – Split-Interest Trust Information Return – is a critical filing requirement for certain charitable trusts. This form ensures transparency in financial activities, charitable distributions, and compliance with private foundation rules. As of 2025, trustees must stay updated on filing deadlines, electronic requirements, and reporting obligations to avoid penalties.

 

What Is IRS Form 5227?

Form 5227 is an annual information return used to report the financial activities of a split-interest trust. According to the official IRS description, it serves three main purposes:

• Report the trust’s income, deductions, accumulations, and distributions.
• Provide details on charitable deductions and distributions.
• Determine whether the trust is treated as a private foundation and subject to Chapter 42 excise taxes.

Split-interest trusts benefit both charitable and non-charitable (private) beneficiaries, such as charitable remainder trusts (CRTs) or charitable lead trusts (CLTs). Unlike Form 990-PF for private foundations, split-interest trusts file Form 5227 instead.

The form is open to public inspection (except for certain schedules like Schedule A and beneficiary K-1s).

Who Must File Form 5227?

Not all trusts file Form 5227. The 2025 Instructions specify:

• All charitable remainder trusts (CRTs) described in IRC Section 664, including charitable remainder annuity trusts (CRATs) and charitable remainder unitrusts (CRUTs).
• All pooled income funds under Section 642(c)(5).
• Other split-interest trusts under Section 4947(a)(2), such as charitable lead trusts.

Exception: Certain pre-May 27, 1969, trusts may be exempt unless additional contributions trigger filing.

If the trust has unrelated business taxable income (UBTI), it may also need to file Form 4720 for excise taxes.

Key Types of Split-Interest Trusts

Understanding the trust type is essential for accurate reporting:

• Charitable Remainder Trusts (CRTs): Provide income to non-charitable beneficiaries for a term, with the remainder going to charity.
• Charitable Lead Trusts (CLTs): Pay income to charity first, with the remainder to private beneficiaries.
• Pooled Income Funds: Combine donations from multiple donors, managed by a charity.

Each type has specific sections in Form 5227 (e.g., accumulation schedules for Section 664 trusts).

Filing Deadline for Form 5227 in 2025

For calendar year 2025:

• Due date: April 15, 2026.
• For fiscal-year trusts: 15th day of the 4th month after year-end.
• Final returns: Due by the 15th day of the 4th month following termination.

Extension: File Form 8868 for an automatic 6-month extension (no reason needed).

Late filing can trigger penalties under Section 6652, starting at $20 per day (higher for larger trusts).

Electronic Filing Requirements (Mandatory e-File)

A significant update affects many trustees: If the filer (trust or trustee) is required to file at least 10 returns of any type in a calendar year (including 1099s, W-2s, etc.), Form 5227 must be e-filed. This rule applies to tax years ending on or after December 31, 2023. Paper filing when e-file is required is treated as a non-filing, triggering penalties.

Use IRS-approved e-file providers for submission.

IRS Form 5227 Download and Printable

Download and Print: IRS Form 5227

How to Complete and File Form 5227

1. Gather Information: Trust instrument, financial statements, beneficiary details, and prior returns.
2. Key Sections:
   • Part I-IV: Basic info, income/deductions, distributions, balance sheet.
   • Parts for specific trusts (e.g., accumulation for CRTs).
   • Schedule A: Charitable distributions (not public).
   • Schedule K-1: For beneficiaries (CRTs issue these).
3. Attachments: Trust instrument (initial return), amendments, explanations as needed.
4. Sign and File: Trustee signs; paid preparers must include PTIN.

Download the latest Form 5227 and Instructions from IRS.gov.

Common Mistakes to Avoid

• Missing K-1 issuance to beneficiaries.
• Incorrect classification of income (e.g., UBTI).
• Failing to report excess business holdings or prohibited transactions (may require Form 4720).
• Ignoring e-file mandate.

Penalties for Non-Compliance

• Late/incomplete filing: Up to $12,000+ per return.
• Failure to provide K-1s: Additional penalties.
• Excise taxes for violations (e.g., self-dealing).

Consult a tax professional for complex trusts.

For the most current details, visit the official IRS page: About Form 5227 or download the 2025 Instructions (PDF).

This guide is based on official IRS sources as of December 2025. Always verify with IRS.gov for any last-minute changes. Proper filing ensures compliance and supports charitable goals.

 

IRS Form 8308 – Report of a Sale or Exchange of Certain Partnership Interests – When a partner sells or exchanges their interest in a partnership, certain tax rules come into play—especially if the partnership holds “hot assets” like unrealized receivables or inventory items. IRS Form 8308, titled Report of a Sale or Exchange of Certain Partnership Interests, ensures proper reporting of these transactions under Internal Revenue Code (IRC) Section 751(a). This form helps the IRS track ordinary income portions of gains that might otherwise be treated as capital gains.

As of December 2025, the latest version of Form 8308 (Revised October 2024 or November 2025 instructions) reflects updates for accuracy in reporting Section 751(a) exchanges. Partnerships must file this form to avoid penalties and comply with federal tax laws.

 

What Is IRS Form 8308 and Why Is It Required?

Partnerships file Form 8308 to report the sale or exchange of a partnership interest where any portion of the consideration is attributable to unrealized receivables or inventory items—known as a Section 751(a) exchange. Under IRC Section 751(a), the transferor (selling partner) must treat the portion of gain or loss related to these “hot assets” as ordinary income or loss, rather than capital gain or loss.

• Unrealized receivables include rights to payment for goods or services not yet reported as income.
• Inventory items encompass stock in trade, property held for sale, or other assets that would generate ordinary income if sold by the partnership.

The form alerts the IRS and provides necessary information to both the transferor and transferee. No filing is required if a Form 1099-B (from a broker) covers the transaction.

Who Must File Form 8308?

The partnership bears responsibility for filing a separate Form 8308 for each Section 751(a) exchange. The partnership has “notice” of the exchange when:

• It receives written notification from the transferor (including names, addresses, TINs, and date).
• Or it knows of the transfer and holds any unrealized receivables or inventory at that time.

The transferor partner must notify the partnership of the exchange (unless a broker files Form 1099-B).

When and How to File Form 8308

• Filing with IRS — Attach Form 8308 to the partnership’s Form 1065 (U.S. Return of Partnership Income) and file by the partnership return due date (including extensions, typically March 15 for calendar-year partnerships, or later with extension).
• Furnishing to partners — Provide copies (or equivalent statements) to the transferor and transferee by the later of:
  • January 31 of the year following the exchange.
  • 30 days after the partnership receives notice.

Recent changes (proposed regulations from August 2025, effective for exchanges on or after January 1, 2025) clarify that only Parts I, II, and III need furnishing by the January 31 deadline. Part IV (detailed gain/loss computations) can wait until the Form 1065 due date.

For 2024 exchanges, transitional penalty relief applied if Parts I-III were timely furnished.

IRS Form 8308 Download and Printable

Download and Print: IRS Form 8308

Key Sections of the Latest Form 8308

The current Form 8308 includes:

• Part I and II: Information about the transferor and transferee (record holder and beneficial owner), including a checkbox for foreign partners.
• Part III: Details on the type of interest transferred (e.g., capital or profits interest).
• Part IV: Computation of Section 751(a) gain/loss, including partnership-level deemed sale gain, partner’s allocable share, collectibles gain, and unrecaptured Section 1250 gain. This information also appears on the transferor’s Schedule K-1 (Box 20, with specific codes).

Transferors must attach a statement to their personal tax return detailing the ordinary and capital portions of the gain/loss.

Penalties for Non-Compliance

Failure to file a correct Form 8308 or furnish statements timely can trigger penalties under IRC Sections 6721 (failure to file) and 6722 (failure to furnish). Penalties may be waived for reasonable cause.

The IRS has provided relief in recent years for incomplete Part IV furnishings, but full compliance remains essential.

Recent Updates to Form 8308 (2024-2025)

• Revisions in 2023-2024 expanded reporting in Parts III and IV for better tracking of hot asset gains.
• Proposed regulations (REG-108822-25, August 2025) ease the January 31 burden for Part IV, allowing partnerships more time.
• Partnerships can rely on these proposed rules for 2025 exchanges onward.

For the most current form and instructions, visit the official IRS page: About Form 8308.

Final Tips for Compliance

• Notify your partnership promptly of any sale/exchange involving potential hot assets.
• Consult a tax professional to determine if Section 751(a) applies and to compute gains accurately.
• Retain records, as tiered partnerships and special allocations can complicate reporting.

Proper handling of Form 8308 ensures correct tax treatment and avoids IRS scrutiny. Stay updated with IRS guidance, as partnership tax rules evolve.

 

IRS Form 8937 – Report of Organizational Actions Affecting Basis of Securities – is a critical tax document required by the Internal Revenue Service (IRS). This form ensures transparency for investors by reporting corporate events that impact the tax basis of securities, helping shareholders accurately calculate capital gains or losses when selling their holdings.

As of December 2025, the latest version of Form 8937 remains the December 2017 revision, with instructions unchanged since then. Issuers—such as corporations—must file this form for certain “organizational actions” to comply with Internal Revenue Code Section 6045B.

 

What Is IRS Form 8937?

Form 8937 requires issuers of specified securities to report organizational actions that affect the basis of those securities in the hands of U.S. taxpayers. The “basis” refers to the adjusted cost basis, which determines taxable gain or loss upon sale (generally, sale price minus adjusted basis).

Specified securities include:

• Shares of stock in corporations (including foreign entities treated as corporations for U.S. tax purposes)
• Interests treated as stock (e.g., American Depositary Receipts)
• Certain debt instruments (excluding short-term obligations or those subject to specific rules like contingent payment debt)
• Options, warrants, or other stock rights

The form does not apply to initial public offerings, regular taxable dividend distributions (reported on Form 1099-DIV), or actions where all holders are exempt recipients (e.g., C corporations, charities, or foreign holders).

IRS Form 8937 Download and Printable

Download and Print: IRS Form 8937

Common Organizational Actions Requiring Form 8937

Issuers must file Form 8937 for events that alter the tax basis, such as:

• Nontaxable cash distributions (e.g., return of capital, which reduces basis)
• Nontaxable stock distributions or stock splits (adjusting basis per share)
• Mergers, acquisitions, spin-offs, or reorganizations (reallocating basis between old and new securities)
• Certain debt instrument modifications (e.g., in recapitalizations or bankruptcies)

For instance, in a stock split, the form details how basis allocates across the increased number of shares. In a spin-off, it explains basis allocation between the parent and spun-off entity.

Exceptions include:

• S corporations (if reported on Schedule K-1 of Form 1120S)
• Certain regulated investment companies (RICs) or REITs using Form 2439 for undistributed capital gains
• Money market funds under specific rules

Filing Requirements and Deadlines for Form 8937

Issuers must report if the action affects basis for at least one non-exempt holder.

Key deadlines:

• File with the IRS (or post publicly) by the earlier of 45 days after the organizational action or January 15 of the following year.
• For redemptions, the action date is the last day holders can redeem.

Filing options:

1. Mail the completed form to: Department of the Treasury, Internal Revenue Service, Ogden, UT 84201-0054.
2. Post a signed PDF on the issuer’s primary public website in a dedicated, readily accessible area—maintained for 10 years (including on successor sites). This satisfies IRS filing if done by the due date.

Issuers must also provide the form (or website link) to security holders of record and nominees (e.g., brokers) by January 15 of the following year.

If facts change (altering the quantitative basis effect), file a corrected Form 8937 within 45 days of discovery.

How to Complete Form 8937

The form has two parts:

• Part I: Issuer information (name, EIN, contact).
• Part II: Details of the organizational action (date, description, CUSIP numbers, quantitative effect on basis, supporting calculations, and relevant IRC sections).

Attachments are often needed for complex explanations, such as basis allocation formulas in mergers.

The form requires a penalties-of-perjury signature.

Why Form 8937 Matters for Investors

Investors use information from Form 8937 to adjust their cost basis, avoiding overpayment of taxes on sales. Brokers also reference these forms for accurate reporting on Form 1099-B.

Many public companies post Form 8937 filings on their investor relations websites—search there or on the IRS site for specific examples.

Failure to file can result in penalties, so issuers prioritize compliance. For personalized advice, consult a tax professional, as this form’s details can significantly impact capital gains calculations.

For the official form and instructions, visit the IRS website. Stay informed on any future updates, as tax rules evolve.

 

IRS Form 5558 – Application for Extension of Time to File Certain Employee Plan Returns –  is a critical tool for plan administrators and employers managing retirement or employee benefit plans. This form allows you to request a one-time automatic extension of up to 2½ months for filing certain employee plan returns, helping avoid costly late-filing penalties. As of 2025, the latest revision (January 2025) is in effect, and electronic filing is now available.

Understanding Form 5558 instructions and deadlines ensures compliance with IRS requirements for Forms like 5500 and 8955-SSA. This comprehensive guide covers everything you need to know about filing IRS Form 5558 in 2025.

 

What Is IRS Form 5558?

Form 5558, titled Application for Extension of Time to File Certain Employee Plan Returns, is used to request an extension for specific IRS filings related to employee benefit plans. It provides an automatic approval if filed timely and correctly—no IRS response is needed.

Key update: As of January 9, 2024, Form 5558 is no longer used for extensions of Form 5330 (Return of Excise Taxes Related to Employee Benefit Plans). Instead, use Form 8868 for those.

The current version is Form 5558 (Rev. January 2025), available on the official IRS website.

Which Forms Can Be Extended with Form 5558?

IRS Form 5558 extends the filing deadline for:

• Form 5500: Annual Return/Report of Employee Benefit Plan
• Form 5500-SF: Short Form Annual Return/Report of Small Employee Benefit Plan
• Form 5500-EZ: Annual Return of One-Participant (Owners/Partners and Their Spouses) Retirement Plan or Foreign Plan
• Form 8955-SSA: Annual Registration Statement Identifying Separated Participants with Deferred Vested Benefits

You can use a single Form 5558 to extend both the Form 5500 series and Form 8955-SSA for the same plan. However, a separate form is required for each distinct plan (e.g., one for a defined benefit plan and another for a profit-sharing plan).

Extension Length and Deadlines

The standard extension is 2½ months from the original due date. Most plans have a due date of the last day of the 7th month after the plan year ends (e.g., July 31 for calendar-year plans ending December 31).

• Extended due date: Typically October 15 for calendar-year plans.
• The requested date cannot exceed the 15th day of the 3rd month after the normal due date.

Important: The extension applies only to filing—not to paying any taxes or premiums (e.g., PBGC premiums).

Automatic Extension Exception

You may qualify for an automatic extension without filing Form 5558 if:

1. The plan year matches the employer’s tax year.
2. The employer has an approved extension for its federal income tax return (e.g., Form 7004) beyond the normal plan return due date.

This extends the plan filing to the tax return’s extended due date. However, you cannot further extend it with Form 5558 after the normal due date.

IRS Form 5558 Download and Printable

Download and Print: IRS Form 5558

How to File Form 5558 in 2025

As of January 1, 2025, you have two options:

1. Electronic Filing: Through the DOL’s EFAST2 system (same as for Form 5500).
2. Paper Filing: Mail to
   Department of the Treasury
   Internal Revenue Service Center
   Ogden, UT 84201-0045

When to File: On or before the original due date of the return(s) being extended.

Key Filing Tips:

• Use only one plan per form (no lists or multiple plans).
• No signature required for Form 5500 series or 8955-SSA extensions.
• Ensure EIN, plan name, and plan number match exactly with prior filings to avoid denial.
• If this is the first Form 5500 series filing for the plan, check the appropriate box.

Download the latest Form 5558 PDF from irs.gov/Form5558.

Common Mistakes to Avoid

• Filing late: Results in automatic denial (CP216H notice).
• Mismatched information (EIN, plan name, or number).
• Including multiple plans or attachments.
• Using an outdated form version.
• Assuming it extends tax payments or PBGC filings.

Late filings can trigger penalties up to $250 per day (increased under the SECURE Act).

Why File Form 5558?

Timely extensions prevent penalties while giving you extra time to accurately complete complex returns like Form 5500. For 2024 plan years (due in 2025), many administrators use Form 5558 to align with tax season preparations.

For official guidance, visit the IRS pages:

• About Form 5558
• Form 5500 Corner
• Form 5558 Reminders

Consult a tax professional or retirement plan expert for your specific situation. Staying compliant with IRS Form 5558 ensures smooth employee plan reporting.

 

IRS Form 6781 – Gains and Losses from Section 1256 Contracts and Straddles – is essential for traders and investors dealing with futures, options, and certain hedging strategies. This form reports gains and losses from Section 1256 contracts and straddles, ensuring compliance with IRS mark-to-market rules and special tax treatments. As of December 2025, the latest version is the 2025 Form 6781, available directly from the IRS website.

 

What Is IRS Form 6781?

IRS Form 6781, titled Gains and Losses From Section 1256 Contracts and Straddles, is used to report:

• Gains and losses on Section 1256 contracts under mark-to-market accounting rules (Internal Revenue Code Section 1256).
• Gains and losses from straddle positions under Section 1092.

You must attach this form to your tax return (e.g., Form 1040, 1065, or 1120-S) if you have applicable transactions. Brokers often report these on Form 1099-B (boxes 8-11), but it’s your responsibility to accurately complete Form 6781.

What Are Section 1256 Contracts?

Section 1256 contracts include:

• Regulated futures contracts.
• Foreign currency contracts.
• Non-equity options (e.g., broad-based index options).
• Dealer equity options and dealer securities futures contracts.

These contracts are subject to mark-to-market (MTM) rules: Each year-end, open positions are treated as sold at fair market value (FMV) on the last business day of the tax year. Unrealized gains or losses are reported as if realized.

Key tax benefit: Gains/losses are split 60% long-term capital and 40% short-term capital, regardless of holding period. This often results in lower effective tax rates compared to ordinary short-term gains.

Net losses from Section 1256 contracts can be carried back up to 3 years (elect on Form 6781, Box D) to offset prior gains, subject to limitations.

What Are Straddles?

A straddle is offsetting positions in similar property that substantially reduce risk (e.g., holding a call and put option on the same asset). Under Section 1092:

• Losses on one leg may be deferred until the offsetting gain is recognized.
• Special rules apply to “identified straddles” and “mixed straddles” (combining Section 1256 and non-1256 positions).

Straddles prevent tax-motivated deferral of income or conversion of short-term to long-term gains. Part II of Form 6781 reports straddle gains/losses separately.

IRS Form 6781 Download and Printable

Download and Print: IRS Form 6781

How to Complete Form 6781 (2025)

Form 6781 has three parts:

Part I: Section 1256 Contracts

• Report mark-to-market gains/losses on lines 1-7.
• Aggregate net gain/loss on line 7.
• Split: 40% short-term (line 8), 60% long-term (line 9).
• Transfer to Schedule D (Form 1040).

Part II: Straddles

• Section A: Losses.
• Section B: Gains.
• Attach a statement listing each straddle and components.

Part III: Unrecognized Gains on Year-End Positions

• Memo entry only (for positions with recognized losses).

Check applicable boxes for elections (e.g., mixed straddle, net loss carryback).

Filing and Deadlines for Tax Year 2025

• Attach to your 2025 tax return.
• Due April 15, 2026 (or extension).
• Download the official 2025 Form 6781 PDF from irs.gov.

Common Mistakes to Avoid

• Forgetting mark-to-market on open positions.
• Misapplying the 60/40 split.
• Ignoring straddle loss deferral rules.
• Not attaching required statements for straddles.

Consult IRS Publication 550 (Investment Income and Expenses) for detailed guidance.

Why This Matters for Traders

Proper use of Form 6781 ensures favorable 60/40 tax treatment on Section 1256 contracts and avoids penalties for unreported straddles. For complex portfolios, consider professional tax advice.

Sources: IRS.gov (Form 6781 2025, About Form 6781, Instructions for Schedule D 2025); Internal Revenue Code Sections 1256 and 1092.

Stay compliant—file accurately for tax year 2025!

 

IRS Form 637 – Application for Registration (For Certain Excise Tax Activities) –  is a critical document for businesses and individuals engaged in specific excise tax-related operations. This form allows applicants to register with the Internal Revenue Service (IRS) to conduct activities under Internal Revenue Code (IRC) sections 4101 (primarily fuel-related), 4222 (tax-free sales for further manufacture), 4662 (superfund chemical taxes), and 4682 (ozone-depleting chemicals). As of December 2025, the latest revision of Form 637 is dated December 2025, reflecting updates for activities like clean fuel production credits.

Proper registration via Form 637 is mandatory before engaging in taxable excise activities or claiming excise tax benefits, such as purchasing or selling articles tax-free or filing credits/refunds. Failure to register can result in penalties or denial of tax benefits.

What Is IRS Form 637?

Form 637 is used to apply for excise tax registration, enabling qualified entities to participate in regulated activities without upfront tax payments in certain cases. According to the IRS, registration is required for anyone undertaking excise tax-subject activities or seeking benefits like tax-free transactions.

The IRS issues an official Letter of Registration (Letter 3689) upon approval, specifying approved activities, effective date, and registration number. A submitted copy of Form 637 does not serve as proof of registration.

Key updates in recent years include new activity letters for sustainable aviation fuel (SAF) and clean fuel production under IRC section 45Z, such as CA (SAF producer) and CN (non-SAF clean fuel producer).

Who Needs to File Form 637?

You must file Form 637 if your business or operations involve:

• Fuel-related activities under IRC 4101, such as producing, blending, or distributing taxable fuels (e.g., gasoline, diesel, alternative fuels, biodiesel, renewable diesel, or sustainable aviation fuel).
• Tax-free sales or purchases for further manufacture under IRC 4222.
• Handling taxable chemicals subject to superfund taxes under IRC 4662.
• Activities involving ozone-depleting chemicals under IRC 4682.

Common registrants include:

• Fuel producers, blenders, enterers, position holders, refiners, terminal operators, pipeline/vessel operators, and exporters.
• Manufacturers or retailers claiming exemptions for further manufacturing.
• Producers of clean fuels eligible for credits under section 45Z.
• Entities seeking to buy/sell tax-free or claim refunds/credits.

Each separate business unit with its own Employer Identification Number (EIN) must file separately. Registration is required before starting the activity.

Key Activity Letters on Form 637

Form 637 lists various activity letters corresponding to specific excise tax operations. Examples include:

• AB/NB/SA: Biodiesel, renewable diesel, or sustainable aviation fuel mixtures/credits.
• AF/AL/AM: Alternative fuels or mixtures.
• CA/CN: Clean fuel production (SAF and non-SAF) for section 45Z credit.
• K/M/S/X/Y: Various fuel-related (e.g., kerosene, ultimate vendors, exporters).
• UA/UB/UP/UV: Untaxed sales or uses of fuels.
• Others for non-fuel activities like blood collectors or tax-free chemical sales.

Applicants can request multiple activities on one form if applicable.

IRS Form 637 Download and Pprintable

Download and Print: IRS Form 637

How to Apply for Form 637 Registration (2025 Process)

1. Obtain the Form: Download the current Form 637 (Rev. December 2025) from the IRS website at irs.gov/pub/irs-pdf/f637.pdf.
2. Complete the Application:
   • Provide general information (name, EIN, address, contact).
   • Select activity letter(s) and complete required questionnaires/schedules.
   • For certain fuel activities, answer compliance questions and provide ownership details.
   • Attach supporting documents (e.g., business licenses, FDA registration for blood collectors, financial info).
3. Submit the Form:
   • Mail to: Department of the Treasury, Internal Revenue Service Center, Excise Operations Unit – Form 637, Mail Stop 5701G, Cincinnati, OH 45999.
   • Fax to: Toll-free fax number 855-887-7735.
4. Processing and Approval:
   • The IRS reviews for compliance with “registration tests” (e.g., background checks, site inspections if needed).
   • If approved, receive Letter 3689.
   • If denied, receive written notification with reasons.
   • Processing time varies; incomplete applications delay approval.
5. Changes or Updates:
   • Report ownership changes over 50% (may require reregistration for section 4101 activities).
   • To add activities, submit a new Form 637.

Verify Registration Status

Use the IRS Online Form 637 Registration Status Check tool at apps.irs.gov/app/exciseTax/ to confirm valid registrations by entering the registration number and activity letter suffix.

Important Reminders for 2025

• Registration remains valid until revoked but requires ongoing compliance.
• Approval for one activity (e.g., fuel credits) does not guarantee qualification for all claims.
• Consult IRS Publication 510 (Excise Taxes) for detailed guidance.
• For clean fuel credits, see IRS FAQs on section 45Z registration.

For the latest details, visit the official IRS pages:

• About Form 637: irs.gov/forms-pubs/about-form-637
• 637 Registration Program: irs.gov/businesses/small-businesses-self-employed/637-registration-program

Filing Form 637 correctly ensures compliance and access to excise tax benefits. If your operations involve excise taxes, consult a tax professional or the IRS directly for personalized advice.