The topic of the day:
The problem revealed:
The reason as described by Ms. Jeker in the post:
Controlled Foreign Corporations and Subpart F income were introduced here. Tax professionals about written about the dangers of Americans abroad carrying on business through a corporation. In addition to the tax problems (dividends, Subpart F, etc). there are also extremely invasive, expensive and penalty laden reporting requirements. In fact, Form 5471 is arguably America’s most deadly and dangerous form.
For those who want to understand this difficult topic better …
Well, she has followed through. Form 5471 is the form required for “Foreign Corporations”. She has written this wonderful trilogy of posts on “Foreign Corporations”. Thank you Virginia La Torre Jeker for the following:
“What you need to know about foreign corporations, but couldn’t even imagine to ask “Triology”.
The deadline is fast approaching. Mr. FBAR has been updated and modernized.
He has a new name (Form 114).
He has a new look.
He must now be filed online.
He is still one of the U.S.A.’s deadliest forms.
But, the question still remains:
What exactly is required to be reported on your FBAR?
Taxpayers “navel gaze” in fear!
Tax professionals continue to educate!