Tax Season Reminder: Timely File U.S. Foreign Reporting Forms to Avoid Penalties

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The 2014 tax return preparation season brings the opportunity to make sure that U.S. taxpayers are in compliance with their U.S. foreign reporting obligations. U.S. individuals, corporations, partnerships, trusts and estates are required to file certain U.S. forms to report interests in offshore assets and foreign accounts. Most of the forms are due by the due date of the U.S. taxpayer’s U.S. federal tax return. Substantial penalties, such as $10,000 USD per form per year, generally apply for late filing. The types of U.S. foreign reporting forms that carry these substantial penalties include the following.

  1. Form 5471 to report ownership of …read more

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