Are there any penalties for not filing Form 965-D or providing incomplete information?

Yes, failure to file a complete Form 965-D on time may result in penalties, including late payment penalties and possible accuracy-related penalties. It is important to consult with tax advisors for specific guidance.

What is Form 965-D and why is it used?

Form 965-D, Transfer Agreement for Section 965(i) Liability, is used by eligible taxpayers to transfer their section 965(i) net tax liability to a related party in connection with certain transfers of stock of controlled foreign corporations (CFCs). The form is required to be filed with the IRS and provides details about the covered triggering event, the transferred stock, the parties involved, and the terms of the agreement.

What is the process for filing Form 965-D?

Form 965-D must be filed electronically through the IRS FIRE system. A paper copy of the form and all supporting documentation should be kept for records.

What are the requirements for entering into a valid transfer agreement under Form 965-D?

The parties must file a valid and complete Form 965-D, which includes detailed information about the covered triggering event, the transferred stock, and the terms of the agreement. Additionally, the eligible section 965(i) transferee must have the ability to pay the outstanding net tax liability.

Who are the eligible parties for entering into a transfer agreement under Form 965-D?

Eligible parties include an eligible section 965(i) transferor (the taxpayer transferring the stock and net tax liability) and an eligible section 965(i) transferee (the taxpayer assuming the net tax liability). Both parties must be related entities under common control.

What is a covered triggering event for transfer purposes under Form 965-D?

A covered triggering event includes the sale, exchange, or other disposition of all or part of the stock in a CFC. It can also include the death of an eligible section 965(i) transferor.

Form 965-D

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Transfer Agreement Under Section 965(i)(2)

Rev. December 2019

Form 965-D (12-2019) is a transfer agreement under Section 965(i)(2) of the Internal Revenue Service's Department of the Treasury. The form is used for reporting the transfer of stock from one party to another and the assumption of section 965(i) net tax liability by the transferee. Parties involved are required to provide identifying information including names, taxpayer identification numbers, addresses, and cities or towns. Sections in the document include Transferor Information, Transferee Information, Identifying Information of the S Corporation, Triggering Event Leading to Transfer Agreement, Report of Unpaid Section 965(i) Net Tax Liability or Portion Thereof Attributable to Transferred Stock, Terms of Agreement, and Instructions. The document outlines conditions for eligibility, procedures for reporting, and the parties' obligations and liabilities.

Instructions

Form 965-D Instructions - Instructions for Form 965-D, Transfer Agreement Under Section 965(i)(2)

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Form 965-D

FAQ

Are there any penalties for not filing Form 965-D or providing incomplete information?
Yes, failure to file a complete Form 965-D on time may result in penalties, including late payment penalties and possible accuracy-related penalties. It is important to consult with tax advisors for specific guidance.
What is Form 965-D and why is it used?
Form 965-D, Transfer Agreement for Section 965(i) Liability, is used by eligible taxpayers to transfer their section 965(i) net tax liability to a related party in connection with certain transfers of stock of controlled foreign corporations (CFCs). The form is required to be filed with the IRS and provides details about the covered triggering event, the transferred stock, the parties involved, and the terms of the agreement.
What is the process for filing Form 965-D?
Form 965-D must be filed electronically through the IRS FIRE system. A paper copy of the form and all supporting documentation should be kept for records.
What are the requirements for entering into a valid transfer agreement under Form 965-D?
The parties must file a valid and complete Form 965-D, which includes detailed information about the covered triggering event, the transferred stock, and the terms of the agreement. Additionally, the eligible section 965(i) transferee must have the ability to pay the outstanding net tax liability.
Who are the eligible parties for entering into a transfer agreement under Form 965-D?
Eligible parties include an eligible section 965(i) transferor (the taxpayer transferring the stock and net tax liability) and an eligible section 965(i) transferee (the taxpayer assuming the net tax liability). Both parties must be related entities under common control.
What is a covered triggering event for transfer purposes under Form 965-D?
A covered triggering event includes the sale, exchange, or other disposition of all or part of the stock in a CFC. It can also include the death of an eligible section 965(i) transferor.

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Tax forms

Form 965-D is one of Tax forms that are documents used to report income, deductions, and tax liability to the relevant tax authority. These forms are an essential part of the tax filing process and are used to ensure individuals and businesses comply with tax laws and accurately calculate their tax obligations.

The specific tax forms required can vary depending on factors such as an individual's filing status, sources of income, and the country's tax laws. However, here are some common types of tax forms:

Individual Income Tax Forms: These forms, such as the 1040 series in the United States, are used by individuals to report their income, claim deductions and credits, and calculate their tax liability.

Business Tax Forms: Businesses, including sole proprietorships, partnerships, corporations, and self-employed individuals, may have to file various forms to report their income, expenses, and taxes owed. Examples include Schedule C (Profit or Loss from Business) and Form 1120 (U.S. Corporation Income Tax Return).

Employment Tax Forms: Employers are required to report employee wages and withhold and remit payroll taxes. Forms such as W-2 (Wage and Tax Statement) and 941 (Employer's Quarterly Federal Tax Return) are used for this purpose.

Investment and Retirement Account Forms: These forms are used to report investment income, capital gains, and losses, as well as contributions and distributions from retirement accounts. Examples include Form 1099-DIV (Dividends and Distributions) and Form 5498 (IRA Contribution Information).

Estate and Gift Tax Forms: When a person passes away or makes significant gifts, specific forms such as Form 706 (United States Estate (and Generation-Skipping Transfer) Tax Return) and Form 709 (United States Gift (and Generation-Skipping Transfer) Tax Return) are used to report and calculate any applicable estate or gift taxes.

It is important to note that tax laws and forms can change over time, so individuals and businesses should consult the relevant tax authority or seek professional tax advice to ensure compliance with the current requirements.

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