Oh, from 88 fifty-eight information returns for us persons with respect to foreign disregarded entities, and you will see that that term is referred to as fed and the other term which we just discussed you're going to see here under what's new is ABU qualified business unit so two things I want to focus on the form one what is new skills of M is updated it's been around for a couple of years but you want to go over the special items let's go, so I am the other thing is the QBE qualified business unit we saw from that previous website that this is a major concept, and it's something that the client needs to be aware of. Category one Fowler's I mean this is so interesting to me because really if you own all the entity just ask report everything, so I just kind of get going to guide you through what forms you need, we're pointing for and reporting the exchange rates on Form eight five eight form eight five eight really seems to especially the'll see to be focused on this qualified business unit currency gains and losses, so your client then be shocked when you show them how much work is involved, and we're going to go over some major aspects of this in just a second here on the instructions. Functional currency is always a big item and some tax planning opportunities in some cases unfortunately you have to really get to know these code sections and these regulations' hyperinflation exception you know so far the few nations have that have hyperinflation some have just given up their current seeing on to the U.S. dollar, but I want to get down to Schedule C here because it is beginning of this qualified business unit...
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How to prepare Form 8858
About Form 8858
Form 8858 is a tax form used by US taxpayers who have a foreign disregarded entity (FDE) or foreign branch. It is used to report information about the foreign entity to the Internal Revenue Service (IRS) and to disclose any transactions or dealings with the entity. An FDE is a type of foreign entity that is not recognized for US tax purposes, meaning that its income and expenses are not reported separately from the taxpayer's personal tax return. A foreign branch is a business unit located outside of the United States that is part of a US person's trade or business. US taxpayers who own 100% of an FDE or foreign branch must file Form 8858 with their annual tax return. The form provides information about the entity's organizational structure, ownership, financial statements, and other details required by the IRS. Failure to file Form 8858 can result in significant penalties and could also lead to tax audits and investigations by the IRS.
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