Rev. December 2022
Form 7204 is a consent to extend the time to assess tax related to contested foreign income taxes. Taxpayers can make provisional foreign tax credit elections under sections 1.905-1(c)(3) or (d)(4). Parties agree to extended assessment periods and annual notice requirements. The form establishes a consent for deficiency assessments, claim for credit or refund, and limitation of assessed amount.
Form 7204 collects information about the amount of foreign income tax paid, the country or U.S. territory to which the tax was remitted, and the date(s) of the remittance(s). It also requires the signature of a responsible officer of the corporation or an attorney or agent authorized by power of attorney.
A reference ID number is a unique identifier assigned to each contested foreign income tax. It is used to differentiate between multiple contested foreign income taxes under the same tax year, month, and country. The reference ID number must be created and used consistently from tax year to tax year with respect to a given contested foreign income tax.
Form 7204 is used by a U.S. taxpayer to provide information about contested foreign income taxes. It allows the taxpayer to claim a foreign tax credit or to report the foreign income on a separate schedule.
The Paperwork Reduction Act notice informs taxpayers that the information requested on the form is required to ensure compliance with Internal Revenue laws and to allow the IRS to calculate and collect the correct amount of tax.
The estimated burden for filing Form 7204 is 2 hours.
Form 7204 is one of Tax forms that are documents used to report information related to taxes to the relevant tax authority. There are various types of tax forms, including federal, state, and local tax forms, which can vary depending on the taxpayer's circumstances and location.
The easiest way to fill Form 7204 online
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