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Form 8876 (Rev April 2003 ) - IRS - irs

Form 8876 (Rev April 2003 ) - IRS - irs-2025

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Form 8876 is used to report and pay a 40% excise tax on the factoring discount of structured settlement transactions, as mandated by section 5891 of the Internal Revenue Code. The form requires details about the structured settlement payment rights being acquired, including total amounts and tax calculations. It outlines who must file, when to file, and provides instructions for completing the form, including penalties for late filing or payment. Additionally, it defines key terms related to structured settlements and includes privacy notices regarding information collection.

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Click ‘Get Form’ to open it in the editor.
Begin by entering your name and identifying number in the designated fields. Ensure that you type or print clearly for accuracy.
Fill in your address, including street number, city, state, and ZIP code. If using a P.O. box, follow the specific instructions provided.
Complete lines 1 through 4 by entering the total undiscounted amount of structured settlement payments being acquired, the total amount paid for these rights, and calculating the factoring discount.
On line 6, subtract any tax paid with Form 2758 from the tax calculated on line 4 to determine your tax due.
If applicable, complete line 7 for any overpayment and ensure all calculations are accurate before proceeding.
Finally, sign and date the form at the bottom to certify its accuracy before submitting it through our platform.

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How to verify an IRS revenue officer?

Revenue officers, revenue agents and fuel inspectors carry an IRS-issued credential (pocket commission) and HSPD-12 card. Both have the employees serial number and photo. You can ask to see both.

How to find past due IRS tax obligation?

You can log into your IRS account to check your tax account balance, view tax records, and see any amounts owed for previous years. If you dont already have an account, you can set one up on the IRS website. Call the IRS. You can contact the IRS directly at 800-829-1040 to ask about any back taxes you may owe.

What is the IRS form 8876?

Use this form to report and pay the 40% excise tax imposed under Internal Revenue Code section 5891 on the factoring discount of a structured settlement factoring transaction.

When to file IRS form 8806?

Form 8806 must be filed on or before the 45th day following the acquisition of control or substantial change in capital structure of the corporation, or, if earlier, on or before January 5th of the year following the calendar year in which the acquisition of control or substantial change in capital structure occurs.

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