ITINAGENT.com | IRS Foreign Shareholding

http://www.itinagent.com | If I haven't filed Form 5471, but want to file now, what are the consequences?
If you have failed to file the Form, you can avoid the penalty by showing your failure to file was due to "reasonable cause." However, there is no clear indication of what could be a 'reasonable cause'.

Is there a way IRS may know about my foreign shareholding if I don't file Form 5471?
Though in the past it has been difficult to secure ownership information on Foreign corporations, in the future it will become easier. The IRS is actively involved in securing more information of US citizens finances overseas, and will only increase its efforts in the future. There are many US-Foreign Country tax treaties which do provide for complete cooperation between the two nations with respect to the exchange of tax information on citizens domiciled in each.

If you own part or all of a Foreign corporation, and have not filed form 5471, you should start filing it immediately to avoid the $10,000 penalty.

We have been providing services to clients in preparing their US filing requirements for many years. Our team consists of professional accountants with years of experience. Call or e-mail us at 416-626-2727 and let us assess your situation to find out the benefits you can get by filing a US tax return.

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