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Form 8848 Minneapolis Minnesota: What You Should Know
S. Income tax, (TC 26b). In this situation, the foreign corporation will not need to pay any tax until it files a U.S. tax return for the year of termination.  Form 8848 can be used if the foreign corporation has made substantially all of its U.S. sales in the year after the year of termination. Once Form 8848 is used to calculate the tax, the foreign corporation will no longer owe or collect any tax. (TC 26b).  Federal Tax Forms and IRS Publications — MMR CPA's Form 8848, Consent to Extend the Time to Assess — IRS 26 Aug 2025 — If Form 8848 is used to terminate the U.S. trade or business by a U.S. corporation, the foreign corporation must also file a Form 8848 to terminate the business in its foreign country. However, if the foreign corporation, which has completed this Form 8848, terminates the U.S. trade or business before the deadline in its form, it can continue to own and operate the same number of U.S. trade or business facilities in the foreign country at a lower tax rate than the one that would otherwise apply.
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