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West Palm Beach Florida Form 8288-B: What You Should Know
The Best Way to Avoid Income Taxes from a Foreign Seller Mar 21, 2023 — If the foreign seller will be located outside the United States for more than five years before the transfer, the buyer must pay the tax and remit it to the IRS by the 30th day after the transfer. Best Practices for a Successful FIR PTA Withholding Sep 5, 2023 — If the foreign seller files Form 8288-B, on or before the date of transfer, the buyer must withhold 5 percent of the amount realized in escrow. However, any tax is reduced by the tax on the original transfer unless the sale is in the first year and the buyer is filing a separate Schedule F for the transaction. Tax Refunds from Foreign Feb 14, 2023 — If the foreign seller files Form 8288-B, on or before the date of transfer, the buyer must receive and withhold tax in the amount of the tax withheld by the buyer from the transfer. When the tax is paid to the Service, the seller's tax liability is reduced by the tax on the original transfer unless the sale is in the first year and the buyer is filing a separate Schedule F for the transaction. Form 8288-B — IRS Final Note Sep 25, 2023 — If you're dealing with a foreign sale without paying federal income tax on the proceeds, the seller will owe you a 10 percent penalty for the unpaid taxes. For other foreign sales, you may need to follow state law on foreign tax matters instead. It's your responsibility to know how to do your due diligence when dealing with foreign sales. When you do, it gives you extra protection when dealing with potential buyers. When sellers aren't forthcoming, it means you won't get hurt financially.
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