Foreign Financial Account Archives - Page 2 of 4 - FREE Yourself from IRS Problems

Shamsey Oloko September 27, 2016 FATCA, FBAR, Foreign Financial Account 0

A $10,000 Penalty May Await You If You Fail To File Form 5471 Or 5472

I.R.C. § 6038 requires U.S. taxpayers to file Form 5471 (Information Return of U.S. Persons With Respect to Certain Foreign Corporations) with their tax returns. The reporting requirements of § 6038, as well as § 6046, require Form 5471 to…

Shamsey Oloko September 23, 2016 FATCA, FBAR, Foreign Financial Account, Foreign Tax Credit 0

A Primer on Foreign Tax Credit

U.S. taxpayers that have paid or accrued foreign taxes to a foreign country or U.S. possession, while subject to U.S. tax on the same income, may be able to take either a credit or an itemized deduction for these payments…

Shamsey Oloko September 15, 2016 Foreign Corporations, Foreign Financial Account 0

About Form 5471

Some U.S. taxpayers may be required by I.R.C. § 6038 to file Form 5471 (Information Return of U.S. Persons With Respect to Certain Foreign Corporations) with their tax returns. To adhere to the reporting requirements of § 6038, as well…