Form 5471 Archives | EA Journal

Feature Article

Tax Compliance for Refugees

“Give me your tired, your poor, your huddled masses yearning to breathe free…” – Emma Lazarus All... Mary Beth Lougen, EA, USTCP

Spring 2024, Feature Article, foreign, immigrants, FBAR, COVID-19, Form 114, earned income tax credit, EITC, child tax credit, Economic Impact Payment, Form 8858, Form 8938, Form 5471, Form 8865, Form 3520, Form 3520-A, nonresident alien, international information returns, §6013(g), §6013(h), §6428B, §6428, §7701(b)(1)(A), Form 8621, refugees, asylees, permanent resident, green card, humanitarian, visa, employment authorization document, EAD, §7701(b)

Tax Court

Say Goodbye to Most Form 5471 Penalties

Alon Farhy used two Belize corporations to attempt to evade United States income tax. While he was not prosecuted for these actions, he also never filed Form 5471, Information Return of U.S. Persons With Respect to Certain Fore... Thomas Gorczynski, EA, USTCP

Summer 2023, Tax Court, collection due process, CDP hearing, §6038, Form 5471, §6038(b)(2), §6201(a), Letter 1058

Tax News Briefs

Important Tax News You Can Use

Penalty Relief for 2019 and 2020 Tax Returns The Internal Revenue Service (IRS) is providing relief for taxpayers from certain failure-to-file penalties with respect to tax returns for the ... TheTaxBook

Nov/Dec 2022, Tax News Briefs, foreign, penalty, relief, COVID-19, PPP, SECURE Act, Form 1040, §6651(a)(1), Form 5471, Form 3520, Form 3520-A, RMD, Form 1040-NR, Form 1040-SS, Form 1040-PR, Form 1040-SR, Form 1040-C, Form 1041, Form 1041-N, Form 1040-QFT, Form 1120, Form 1120-C, Form 1120-F, Form 1066, Foem 990-PF, Form 990-T, international information returns, IIR, Form 5472, §6698(a)(2), §6698(a)(1), §6699(a)(2), §6699(a)(1), §6721(a)(2)(A), Setting Every Community Up for Retirement Enhancement Act, livestock, drought, Notice 2006-82, Notice 2022-43

Feature Article

Assessable Penalties and Abating Them

The United States federal tax system operates on a system of somewhat voluntary compliance. However, human nature being what it is, a voluntary system without a means of enforcement lends itself to fraud, ignorance, and disregard. I... David Woods, EA

Sept/Oct 2021, Feature Article, §199A, penalties, fraud, §6038, §6662, accuracy-related penalty, Form 8858, Form 8938, §6651(a), §6651(a)(1), §6651(a)(2), §6663, Form 926, Form 5471, Form 8865, Form 3520, Form 3520-A, §6662(j), abatement, §6038D