Build Your Toolkit – Preventing U.S. Foreign Reporting Penalties

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Delinquent U.S. foreign reporting forms are a major source of risk and penalty exposure for U.S. taxpayers. The IRS now imposes an automatic $10,000 penalty on any U.S. federal tax returns that are filed late with attachments, including certain U.S. foreign reporting forms such as the Form 5471 or 5472. U.S. taxpayers, including individuals, companies, trusts and estates, should be aware that having international cross-border activities could lead to additional U.S. federal tax compliance requirements and substantial penalties for not complying.

The Forms 5471, 8865 or 8858 may need to be filed if the U.S. taxpayer acquires a direct …read more

Read more here: Government Contracting

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Aronson LLC has been thinking ahead for its clients for more than 50 years. Aronson’s construction, real estate, government contracting, nonprofit, technology and private industry experts provide innovative audit, tax, and consulting services that help its clients move to the next level. From start-up to exit strategy, Aronson works with companies throughout the entire business lifecycle by proactively identifying opportunities and addressing challenges so that clients are able to focus on their core business. Aronson shows companies how to rethink everything to be more profitable, more competitive and better prepared for the future.

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