What Irs Form 13844 Categories 2024

Hi, I'm Anthony. Parents of parents and parent LLP IRS medic. Today, I have attorney Robert Hanson joining me. We're going to be talking about taxation of foreign investments into the US. The tax reform has passed last year and from our clients, we're hearing a lot of buzz. People are very excited about some of the things that are coming up. We're seeing the enterprise zone section 414 hundreds E. There's a lot of things going on. The number one thing is the 21 percent corporate tax rate for C corps. Those are corporations that are taxed as their own, not on the individual level. We've been hearing a lot of buzz from our clients saying people are looking to move stuff out of Europe and bring it to the US. So, we figured it'd be a great time to give you a little bit of a primer if you are considering investing in the US or if you currently are. Some of the things to look at. So, what's the basic rule on income taxed in the US? What would you say it is? Well, you've got your effectively connected and you have your F tap, your fixed annular periodic. Those are your two general categories if you're a foreign investor with some connections in the United States. Okay, so we've got to look out for that. If you want to be treated as F DAP or effectively connected, right? Okay, the other thing we see is people are aware of some of the reporting requirements we have, and one of the big ones is form 54 72. I was looking at the statute, and I believe it's 60 38 A. I noticed something because the last time I looked at it, the penalties were $25,000. They were...