4 Tips On Filing Delinquent Int'l Tax Information Returns

Law360, New York (March 23, 2016, 2:28 PM EDT) -- The Internal Revenue Service imposes an automatic penalty of $10,000 whenever an individual or company is late in filing an information return disclosing their interest in a foreign corporation, regardless of whether there is any associated underreported of income or tax deficiencies.

U.S. persons including businesses with at least a 10 percent interest in a foreign corporation or who are officers of a foreign corporation in which any U.S. person owns or acquires a 10 percent interest are required to file a Form 5471 with their tax return to disclose their ownership.

After Congress passed the Foreign Account Tax Compliance Act...

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