Fill Form 8865 Extent 2024

Hello Anthony, hello Claudine. Today we're talking about avoiding Form 926 penalties. Yeah, Form 926 is used when a transfer of property is made to a foreign corporation. We'll get into some details on that later. What about Form 8865, right? Well, well, if you're making a transfer to a foreign partnership, you say, "Oh, I need to file a Form 926." I actually use the 8865. There's a schedule on there you put it, and you would think that there would be a Form 5471 equivalent where you could just put that on there, but no, there's a whole separate form, Form 926. And we've probably lost 90% of our viewers right there, but hang in there. Yes, there's more trust, it's important. Now, part of the reason we want to talk about this is we've been talking a lot lately about IPUs (International Practice Units) and you said basically it's changed the way the IRS is doing audits. Yeah, exactly. You know the old way was here's a taxpayer finding issues, and now what has changed is here's the issues, find the taxpayer. A lot easier, yeah, a lot more specific. Yeah, an easy way for the IRS to get a lot of revenue because they are pretty short-staffed, we're at, yeah. It looks like they're targeting, well, it doesn't look like, they've said they're targeting LB&I,CE (Large Business and International- Multinational Corporations). There's actually a couple of IPUs that affect expats. That's right. Oh, more than one? Yeah, yeah, yep. So, an IPU is they're saying an explanation of general international tax concepts but they're not official laws, right? But the IRS treats them as law, so you have an uphill battle. They can interpret them as they see fit. That's right, yeah. Yeah, the IPU is really...