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Form 8288-B for Palm Beach Florida: What You Should Know
Apr 21, 2024 — C. The transferee must be a U.S. non-U.S. owner (other than a partnership, limited liability company, trust, or corporation) who has the legal right to the property at the time of the transfer. If you receive a Form 8288 For Sale, Transfer, Forfeiture Report or Other Transfer Tax Notice (a letter from your local U.S. income tax authority to your attorney that your taxes will have to be withheld from your client's payment) The IRS takes every possible legal action to ensure there is no withholding from your client's payment. The IRS is not interested in your opinion on what the IRS should and should not do. What follows is the truth, from personal experience with the IRS.  You may never recover your client's deposit. You must follow these rules to recover your client's deposit.  It is highly unlikely that a client will even try to appeal the case when they know that the IRS is not going to provide a “gimmick” appeal solution. If you receive a Form 8288 For Sale, Transfer, Forfeiture Report or Other Transfer Tax Notice (a letter from your local U.S. income tax authority to your attorney that your taxes will have to be withheld from your client's payment) The IRS takes every possible legal action to ensure there is no withholding from your client's payment.  The only real recourse you have if you and the IRS are unable to resolve this is a court appeal. If you received a notice that the IRS has withheld your client's non-U.S tax return and this applies to a foreign client, you must follow these rules even though they may be contrary to your client's preference: You must immediately notify IRS that the refund should not be made and that IRS is likely to ask for further tax return information. Your client may be in danger of having their tax return cancelled and the tax return not paid by them. If the US client has a partner, trustee, executor of someone's estate, or another person with the right to receive the refund, then the refund must be paid to that person. You then file Form 8288-L, Petition To Refund Tax To Foreign Payer. If the US client receives a Form 8288 For Sale, Transfer, Forfeiture Report or Other Transfer Tax Notice that applies to the client's non-U.S. non-U.S.
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