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Form 1065 (Schedule C) online Columbus Ohio: What You Should Know
S. Person and an S corporation or foreign partnership), you can elect to pay all or part of the tax described in subsection (c)(2) of section 864, or file a joint return under section 761 with a return date of November 21, 2023. 28. If you elect an election to make only an election relating to the amount of income tax withheld, any partnership income is excluded from the partnership income included in the election. If you have a foreign partner who is a U.S. person and owns all or substantially all of your partnership interest, or both, you must pay the taxes described in section 864 as though you were an individual taxpayer. If you decide to withhold income taxes under IRS Code section 1.162-8(a), you may pay the income tax withheld by any method you are qualified to use, as long as you complete Form 1040X (or a substitute form). 29. If the foreign partnership, partnership entity, or similar entity that has owned the partnership interest is dissolved or liquidated, or the partnership income is distributed to you, you must pay all income tax withheld under section 864. The amount withheld under section 864 is not deductible for U.S. source tax purposes. 30. If your foreign partner is an S corporation, or a person that is treated as a partnership for U.S. federal income tax purposes and treated as an S corporation for foreign tax purposes, then the partnership is treated as a domestic partnership and all income taxes withheld are treated as partnership income and are included in the partner's gross U.S. taxable income. If you were a partner in the partnership that was treated as a domestic partnership, see Tax Planning for Domestic Partners for additional information before filing Form 1040X. 31. You can avoid paying the income tax withheld under section 864 by electing to file a joint return with a return date of November 21, 2023, and making a joint election with your foreign partner to pay all or part of the applicable federal income tax withholding. If you have a foreign partner who is the same as or a similar to you, the income taxes withheld and paid are treated as wages and are included in gross income of the joint return. If this is your situation, please let me know the correct information in the comments, along with any other suggestions.
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