IRS Penalties on Late Filed Forms 5471, 5472, 8621 & 8938
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- เผยแพร่เมื่อ 1 ต.ค. 2024
- If you failed to timely file one of these international forms, you could be facing some severe penalties.
The IRS is really interested in knowing what types of foreign financial assets are owned by U.S. taxpayers.
If you own a stock interest in a CFC, make sure to include that Form 5471, or else you are facing a $10,000 penalty!
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But a shareholder in a PFIC bought through a broker wouldn't know whether their stock IS a PFIC or not.
Further - a US ETF holder wouldn't know whether the ETF filed the PFIC forms correctly.
IRS could claim a single foreign company in the ETF was a PFIC for one year 20 years ago and boom.
This form is a trap
I am a British citizen and live in the UK. I formed a Wyoming LLC in 2011 and have never made a tax return for the :LLC. The LLC has never traded and has no assets. I would like to start to use the company and to apply for ab EIN. Is it possible to get the IRS to excuse any penalties for late or none filing.
what form I can sent for a individual tax return filled late help me with a penalty
A penalty abatement request can be submitted via IRS Form 843
Thank you so much, I managed to send in a 1120-f, 8833 and a 7452 form- but I am not sure it is correct and I and a CPA for my Delaware-based C corp - . Do you take on international clients?