Delinquent International Information (Late Form) Return Submission Procedures - Golding & Golding

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2024 Delinquent International Information Return Submission Procedures
The Penalty Relief Programs for Late International Return Filing
For the past several years, the Internal Revenue Service has significantly increased enforcement of international tax reporting and compliance. There are many different international information reporting forms that a U.S. taxpayer may have to file each year depending on the specific type of foreign accounts, assets, and investments that they maintain overseas. Some of the more common forms include:
-FBAR
-Form 3520
-Form 3520-A
-Form 5471
-Form 8621
-Form 8865
-Form 8938
Some of these forms are relatively straightforward while other forms can be much more complicated -- such as Form 5471 which became much more complicated and time-intensive due to the introduction of Section 965, GILTI, and FDII under the TCJA. In order to remain in IRS tax compliance with filing these forms, taxpayers must file these forms timely each year -- and ensure that when they are filed, they are filed 'substantially correct.' Over the past several years, our Board-Certified Tax Law Specialist Team has written several articles on the different programs that are available and how they have changed over the years. Let's look at some of the programs that still remain and which program may be right for you. It is also important to note, that the IRS reserves the right to cancel or modify these programs at any time.