201504.27
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15 Important Things to Know about IRS Form 5471

15 Important Things to Know about IRS Form 5471 This article will focus less on Form 5471 Instructions or the specific schedules that must be filed, but instead explain the purpose of the form, and how to avoid 5471 penalties. 15 Important Things to Know about IRS Form 5471 The purpose of the form is to ensure…

201410.02
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IRS OVDP Transition – Can I Switch Over to the Streamlined Program?

Most likely, the answer is no. OVDP Transitions are not very common, and are very limited in scope. They are based on the idea that a person has already submitted to OVDP (not signed the closing letter) but now wants to go Streamlined instead. The most important threshold requirement (other than proving non-willfulness), is timing….