The U.S. Internal Revenue Code that governs international taxation is extremely complex and confusing. Not even a seasoned accountant may understand and maneuver its depth and complexity. Making it worse, the penalty for not filing certain forms that cover international transactions can easily cause a huge penalty. Form 5472's penalty, for example, was increased from $10,000 to $25,000 per form per year.
We are equipped with extensive knowledge and experience that can make sure you are in compliance.
Common tax forms for international transactions:
Why Choose Trans-Pacific Accounting and Business Consuting
International-related taxation in the Internal Revenue Code is extremely complex and confusing. Many seasoned CPAs and tax return preparers are not familiar with the filing requirements. It is very common for them to miss reporting foreign income, forms, and information. The IRS has heightened its enforcement on non-compliance on foreign-related reporting, and penalties are generally extremely high. Not sure if you need to file or if your current CPA or tax return preparer is preparing your tax return correctly? Not sure if you are filing all the required forms? Contact us now for a free consultation.
We are equipped with extensive knowledge and experience that can make sure you are in compliance.
Common tax forms for international transactions:
- Form FinCEN 114 - Report of Foreign Bank and Financial Accounts (FBAR)
- Form 1040-NR - U.S. Nonresident Alien Income Tax Return
- Form 1120-F - U.S. Income Tax Return of a Foreign Corporation
- Form 2555 - Foreign Earned Income Exclusion Form
- Form 3520 - Annual Return To Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts
- Form 5471 - Information Return of U.S. Persons With Respect To Certain Foreign Corporations
- Form 5472 - Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business
- Form 8233 - Exemption From Withholding on Compensation for Independent (and Certain Dependent) Personal Services of a Nonresident Alien Individual
- Form 8938 - Statement of Specified Foreign Financial Assets
- Form W-7 - Application for IRS Individual Taxpayer Identification Number
- Form W-8 BEN - Certificate of Foreign Status of Beneficial Owner for Untied States Tax Withholding and Reporting (Individual)
- Form W-8 BEN-E - Certificate of Statue of Beneficial Owner for United States Tax Withholding and Reporting (Entities)
- Form W-8 ECI - Certificate of Foreign Person's Claim That Income Is Effectively Connected With the Conduct of a Trade or Business in the United States
Why Choose Trans-Pacific Accounting and Business Consuting
International-related taxation in the Internal Revenue Code is extremely complex and confusing. Many seasoned CPAs and tax return preparers are not familiar with the filing requirements. It is very common for them to miss reporting foreign income, forms, and information. The IRS has heightened its enforcement on non-compliance on foreign-related reporting, and penalties are generally extremely high. Not sure if you need to file or if your current CPA or tax return preparer is preparing your tax return correctly? Not sure if you are filing all the required forms? Contact us now for a free consultation.