Attention Global Entrepreneurs and Investors! Is the IRS dragging you down? Text “Wealth” to 818-293-4857. Anthony's firm, Parent & Parent LLP can help end your tax anxiety and frustration right now! We do it all so you can focus on better things. 20 successful years experience in tax planning, tax resolution (including audits!), bookkeeping, asset protection, and offshore disclosures/FBAR help. Everything you need under one roof. Thousands helped!
Our 2020 Form 5471 practice guide is here:
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While the standard Offshore Voluntary Disclosure Program (OVDP) is closing September 28, 2018, the Streamlined disclosure program/OVDP can help you eliminate the risk of ruinous Form 5471 penalties.
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The lesser known Form 5471 penalties, and how to decrease your risk of falling victim to these penalties
It’s a form that US owners of certain foreign corporations need to file.
1. Failure to file can result in a $10,000 penalty -- per occurrence.
2. The statute of limitations on assessment is much longer than people realize.
This is something the IRS is actively going after:
In a recent case, the IRS assessed twelve(!) Form 5471 penalties against consultant who did business under a Canadian corporation.
This resulted in a $120,000 tax penalty.
A tax penalty that Canada actually helped the IRS collect.
The Streamlined Program
It was created not just for FBAR amnesty, but it was also created Form 5471 amnesty.
Qualifications:
1. "Did you know that you had a Form 5471 filing requirement?"
2. Your subjective intent is the critical issue.
3. Don’t make assumptions about your situation
4. Every one of our offshore clients made some sort of mistake.
5. Yet, many mistakes are not large enough to make someone ineligible for the Streamlined program.
If you don't qualify for the Streamlined Program, the Full Offshore Disclosure Program is still available.
We just prefer the Streamlined program because in terms of time and cost, it is much, much less onerous for our clients.
The benefits of Streamlined OVDP for missing or incorrect Form 5471s
1. Only three years of Form 5471s are required
2. No penalty for filers who live outside the US.
3. A 5% penalty on stock value for those living in the US. There are many way to legitimately claim a low valuation of your controlled foreign corporation.
4. A much quicker process than full OVDP.
5. You'll learn how to properly file Form 5471s going forward.
6. Any other missing forms can all too be included in a Streamlined Disclosure. For example: missing Forms 8938, 8865, 3520, 3520A (foreign pensions), and 8621
Need help with Tax Preparation?
Book a discovery call with the IRS Medic team:
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Need help with Tax Planning and Strategies?
Book a discovery call with the IRS Medic team:
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