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Form 8594 online Provo Utah: What You Should Know
What to expect when submitting Form 8594 — The IRS requires a Form 8594 when a business is sold. This is a non-standard submission, and you will see Form 8594 as a third-party report, similar to Form 2553. Read the Form 8594 FAQ page to find out more. 9 Learn more to ensure your form 8594 is complete for your state! 9-Q: How do I file Form 8594? 11-Q: What is required in my state? 11-F: What kind of reporting does Form 8594 comply with? 11-H: What is Form 8594 for? What do I need a Form 8594 for? You will need to get this information from your state (or federal) tax agency. If you sell a business, prepare Form 8594 for any tax years the business may be active. You need to use this information for reporting the sale. Also, if you sell a business or business interest (such as in an S-Corporation, Business Enterprise or Co-Owned Joint Ventures), you must prepare Form 8594 for the years the business may be active or actively held (the business interest is a separate entity than the business that is sold). If you are a partnership or sole proprietor, you probably will not be submitting this information. Your state tax agency may also require a separate report of this sale. You will need to use the following information to prepare an asset purchase agreement for the sale. To prepare the asset purchase agreement, you will need to complete these forms: Form 8594 or 8551. Form 8594 is also used as the second-tier reporting form. What is a Form 8594? If you sell a business, sell an interest in a business or if you sell a business property to a corporation, estate, trust or certain partnerships (including a registered domestic partnership, certain S Corporations, and certain limited liability companies), you must prepare this document for the entire year that the business may be active or actively held (even if it is only one year). If you are a partner in a partnership or sole proprietor, prepare the form 8594 jointly. If you are part of a corporate or partnership entity, the assets sold are reported in one place, and you do not need to complete multiple forms.
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