File Late International Reporting Forms Without Penalty
Posted 4-27-2011 | By Gloria McDonnell
The IRS is allowing entities and individuals to file missed international information reporting forms for years 2003-2010 without penalty until Aug. 31, 2011.** Some common international filings include forms to report ownership or signature authority for a foreign bank account (Form TD F 90-22.1) or ownership of foreign entities (Forms 5471, 8865, 8858). This opportunity is only available for taxpayers who have properly reported all their related taxable income for the years in question. If they meet this requirement and the Aug. 31 deadline, the IRS will not assess the $10,000+ penalties that are associated with the delinquent reporting forms listed above or other informational international reporting forms. This also may be an opportunity for taxpayers who have had penalties assessed for non-filing of such forms to request abatement of the penalties based on the latest IRS guidance. For more information, please contact Gloria McDonnell, CPA, at gmcdonnell@hlbtr.com.
**Please note, the 2010 foreign bank account reporting form is originally due by June 30, 2011 so the 2010 form needs to be filed by this original due date to avoid penalties.