reporting requirements

IRS requirements that certain transactions or financial information be reported to it,even if there are no tax consequences.Settlement agents are required to report sales or exchanges of all real property, or a statement of exemption. If there is no settlement agent, the order of responsibility is attorney, title company, mortgage lenders, and real estate brokers.The IRS also requires reporting returns for partnerships,S-corporations,and limited liability companies,even though none of those entities has to pay taxes; instead, individual members report their share of income and losses.

单词	reporting requirements
释义	reporting requirements reporting requirements IRS requirements that certain transactions or financial information be reported to it,even if there are no tax consequences.Settlement agents are required to report sales or exchanges of all real property, or a statement of exemption. If there is no settlement agent, the order of responsibility is attorney, title company, mortgage lenders, and real estate brokers.The IRS also requires reporting returns for partnerships,S-corporations,and limited liability companies,even though none of those entities has to pay taxes; instead, individual members report their share of income and losses.
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