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Form 8876 Rev December Fill in Capable Excise Tax on Structured Settlement Factoring Transactions

Form 8876 Rev December Fill in Capable Excise Tax on Structured Settlement Factoring Transactions

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Instructions and help about Form 8876 Rev December Fill In Capable Excise Tax On Structured Settlement Factoring Transactions

over Iris form 8886 the reportable transaction disclosure statement before we get too far into this tax form we should probably better understand what it's used for so the Internal Revenue Service has guidance on certain tax avoidance practices such as tax shelters that that may be prone to abuse and they've categorized certain transactions as reportable transactions that taxpayers must disclose with their tax return and uh for certain first time reported transactions they actually need to be reported to a certain office within the Internal Revenue Service for review to make sure that it is not considered an abusive tax shelter so there are fines and and Reporting penalties for failure to report required reportable transactions so for for the first time taxpayers an initial filer under line C right here uh they would send a copy of this form to the office of tax shelter analysis that's the IRS and then they give rulings and determinations based on the facts at h

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