Form 8938 Corpus Christi Texas 2021-2025

Form 8938 Corpus Christi Texas: What You Should Know

The term specified foreign entity = a foreign person who owns or will own at least 10% of any person, partnership, mutual fund group, or corporation that was in existence, was treated as for tax purposes, or was treated as controlled by 1 or more specified partners during the tax year. Filing on a Specified Foreign Entity Dec 1, 2025 — A specified foreign entity that had taxable income of at least 49,999, or any other income that exceeded 50,000 for the current year, but did not own at least 10% of any person (or any entity) in any partnership, fund group or corporation that was in existence, was treated as for tax purposes, or was treated as controlled by 1 or more specified partners during the tax year may choose to pay no taxes this year or make one-time filing by December 31, 2018. Specified foreign entities that elect to file for a reduced tax payment may not deduct interest on tax imposed in the previous year. Dec 1, 2025 — The qualified domestic corporation (ADC), which owns a qualifying foreign real property interest and files any required tax return as a ADC, will be treated as qualifying for the reduced tax payment described above during the third quarter of 2025 and the first quarter of 2018. “Qualifying for a reduced tax payment” means that the ADC will be allowed an opportunity to elect to pay no taxes on the qualifying interest paid during the third quarter of 2025 and the first quarter of 2018. The election period for such election will begin on July 13, 2018, and continue through the close of business on June 13, 2018, at which time the ADC must file a return or pay the reduced tax payment. DCS that do not pay all the taxes are considered delinquent, and the tax authority may bring a levy against the ADC to collect taxes from the ADC owing all or part of the tax. What the IRS Should Know about the Qualified Domestic Corporation and Specified Foreign Entity Dec 1, 2025 — The qualified domestic corporation (ADC)—also known as a Q/R Trust or an estate—must provide a current and complete set of its accounts at all times it is required to do so under the Code. This includes financial statements, balance sheets, cash-flow statements, and other financial statements.

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