Foreign corp reporting compliance

Our client base is very diverse in terms of nationality & places lived/worked. For this reason, we have countless clients that must report their interests in non-US companies, partnerships, or investments as a component of their annual regulatory compliance. A few notes below about these filings:

• If you had a controlling interest in a foreign corporation or partnership, you may have to file forms 5471 or 8865
• You may or may not be taxed on these companies. However, leaving them off of your return can lead to strict penalties. For instance, the penalty for noncompliance of 5471 filing requirements is $10,000

If you have realized that you are delinquent in your 5471 filing, contact us right away to discuss how to catch up & what to expect in terms of penalties. The good news is that we are highly experienced in getting these types of penalties removed. If you have already received the penalty, please let us know & we will get it removed for you. Please make sure to have all pages of the letter ready for us. 

George Dimov CPA and his team offer full international tax compliance services. We provide a fast and accurate experience. Give us a call to learn more about our individual tax services today.