Be Substantially Compliant or Face Monetary Penalties

By Wiss, Posted in International Tax Services

By Mary Vasilescu, CPA, MST File complete forms 5471 and 5472 to avoid penalties and extension of statute of limitation. The IRS Practice Unit (IPU) “The Meaning of “Substantially Complete” with Reference to International Information Return Penalties,” addresses substantial compliance related to international information returns. This release follows a 2015 issued IPU: “Failure to File the Form 5471 – Category 4 and 5 Filers – Monetary Penalty,” which focuse... read more.

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