Your purchases of $800 thousand fell below the mandatory reporting threshold for purchases of $4 million; therefore, you have three options:
- You can report these data on Schedule B under transaction code 9, accounting, auditing, and bookkeeping services, and list the country detail.
- You have a second option of reporting these data on Schedule B under transaction code 9, accounting, auditing, and bookkeeping services, without the country detail – just report the total purchases of accounting, auditing, and bookkeeping services on line 34.
- If you choose not to report voluntarily as described in the two options above, you must report these transactions on line 5 of page 5 (in aggregate together with other transactions below the reporting threshold which you chose not to report voluntarily).
Note - if total sales of a covered transaction with foreign persons are greater than $6 million, or purchases of a covered transaction with foreign persons are greater than $4 million, then you must provide the country detail (even if each country amounted to less than $1 million).
Published