Foreign Branches & Foreign Disregarded Entities - Form 8858

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Description

Foreign Branches & Foreign Disregarded Entities - Form 8858
IRS Program #: X9QQU-T-01089-23-O
CTEC #: 6257-CE-0255
CE: 1 IRS & 1 CTEC credit
Speaker: Liz Zitzow, EA

A U.S. individual holding an interest in a foreign entity may have some reporting obligations. However, in some cases the taxpayer does not organize an entity, but rather carries a trade or business in a foreign jurisdiction. Although unincorporated, the U.S. requires that such individual reports the interest in such “foreign branch”. This course will discuss the basics of a “foreign branch” and applicable reporting obligations which include form 8858.

Learning Objectives:

Identify if foreign activities qualify as a foreign branch.
Understand the basics of form 8858 applicable to report foreign branches.

Contributors

Liz Zitzow, EA

Liz Zitzow is an Enrolled Agent licensed to practice before the IRS with over 34 years of experience in US taxation and 23 years specializing in British/US tax issues. She is the Managing Director of British American Tax and oversees all aspects of the business, providing personal consultations to clients. She does a lot of Streamline Foreign Offshore Procedures (SFOP) nonfiler cases and occasionally opts for so-called “quiet disclosure” when SFOP won’t work.

Prior to BATax, she worked at US Tax and Financial Services in London as a Senior Tax Manager. Back in the states, she worked at Taxman reviewing the tax returns for about twelve offices to ensure accuracy. She represented their clients every year on audits. She got her feet wet with H&R Block at the very beginning. She loves gardening, travel, and goes to film festivals several times a year. Once upon a time a long time ago she recorded several albums as a singer in the Boston music scene.