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Form 8886 – Reportable Transaction Disclosure Statement 2019

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Simplify Your Reportable Transaction Disclosures with IRS Form 8886

Are you involved in disclosing a reportable transaction that requires you to fill out Internal Revenue Service (IRS) Form 8886 for federal income tax purposes? Look no further. We’ve got you covered with our free, easy-to-use template at Fill.
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form 8886 reportable transaction disclosures with irs template
Navigate the complexities of reportable transactions confidently, save time, and ensure you comply with IRS requirements.
Get your free copy of this template and start disclosing your reportable transactions with confidence. Keep reading to learn all there is to know about Form 8886, and take advantage of the free guidance on this page.

What is IRS Form 8886?

IRS Form 8886, or the Reportable Transaction Disclosure Statement, is a form used by taxpayers to claim a deduction, credit, or a tax benefit in reportable transactions. A reportable transaction is one that the IRS believes has a potential for tax avoidance or evasion. By submitting this federal disclosure form, taxpayers provide the IRS with the necessary information to identify, monitor, and analyze these transactions.

Filing Form 8886 is essential to maintain compliance with IRS regulations and avoid potential penalties. The form requires taxpayers to provide details about the transaction, including its structure, tax benefits, and the parties involved.

Reportable transactions fall into one of these five categories:

  1. Listed Transactions. Transactions identified explicitly by the IRS as tax avoidance transaction schemes.
  2. Confidential Transactions. Transactions where the taxpayer’s disclosure of the tax treatment or structure is limited due to confidentiality agreements.
  3. Transactions with Contractual Protection. Transactions with contractual agreements that protect taxpayers from potential losses due to disallowance of tax benefits.
  4. Loss Transactions. Transactions that result in significant losses for the taxpayer, as defined by the IRS.
  5. Transactions of Interest. Transactions that the IRS has identified as potentially abusive tax shelters but require more information to make a determination.

If you are uncertain whether your transaction falls into one of these categories, consult a tax professional for guidance.

When to Use Form 8886

Form 8886 must be filed for each year in which you participate in a reportable transaction. The deadline for submitting Form 8886 depends on the type of taxpayer you are:

  • For individuals, estates, partnerships, S corporations, and trusts: Attach Form 8886 to your income tax return and file it by the due date, including any extensions.
  • For regulated investment companies (RIC) as defined in section 851: Attach Form 8886 to your income tax return and file it by the due date, including any extensions for listed transactions or transactions of interest.

To complete Form 8886, you will need to provide specific information about the reportable transaction, including:

  • General Information: Your name, taxpayer identification number, and the type of reportable transaction.
  • Transaction Details: A description of the transaction, including the structure, tax benefits, and parties involved.
  • Tax Benefits: The expected tax benefits from the transaction, including the amount and type of tax benefits.
  • Fees Paid: The fees paid to promoters, advisors, or other professionals related to the transaction.
  • List of Participants: The names, addresses, and taxpayer identification numbers of all parties involved in the transaction, including promoters, advisors, and other participants.
  • Other Filings: Any other forms, statements, or documents filed with the IRS related to the reportable transaction.
  • Confidentiality and Contractual Protection: If the transaction is confidential or involves contractual protection, provide details about the agreements, including the parties involved and the terms of the agreements.
  • Loss Transactions: If the transaction is a loss transaction, provide details about the losses claimed and how they were calculated.
  • Listed Transactions and Transactions of Interest: If the transaction is a listed transaction or a transaction of interest, provide the relevant IRS notice or regulation number and a description of how the transaction meets the criteria for that category.

Navigating the complexities of reportable transactions can be daunting. That’s why Fill has created a free, easy-to-use template to help you complete this federal form with confidence.

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Save time

Our template is designed to streamline the process via fillable fields, allowing you to complete Form 8886 quickly and efficiently.

Stay organized

With Fill, you can easily keep track of all your reportable transactions in one place. Once you have filled up a form on the platform, you can find them in your very own dashboard for later reference.

Ensure compliance

Our template is updated regularly to ensure it remains compliant with IRS regulations and guidelines. Keep checking this page for the latest version of this form.

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At Fill, we prioritize your privacy and security. Our platform is designed to protect your sensitive information, ensuring your data remains confidential.

FAQ About Form 8886: Reportable Transaction Disclosure Statement

Both individuals and entities, including corporations, partnerships, trusts, and estates, must file Form 8886 if they are involved in a reportable transaction. Reportable transactions fall into different categories identified at the beginning of this page.
Obtain a copy of the form via the IRS website or this page and fill out and sign. You must file it via mail or fax whose details you can find on the IRS website. You must file an exact copy of an initial Form 8886 with the Office of Tax Shelter Analysis (OTSA).
Failing to file Form 8886 or providing incomplete or inaccurate information may result in significant penalties. To avoid these penalties, it’s essential to file Form 8886 accurately and on time.

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