Beware of Late Filed IRS International Reporting (3520, 5471 & 8865) (Golding & Golding)

Beware of Late Filed IRS International Reporting (3520, 5471 & 8865) (Golding & Golding)

Beware of Late Filed IRS International Reporting (3520, 5471 & 8865)

When a person first learns that they are out of compliance for not properly reporting certain IRS International informational reporting forms — one of two things usually happens next.

They either:

– Forget about it and hope it all goes away (hope springs eternal, right?), or,

– They begin their trek down the Google highway, and into one rabbit hole after the next.

Late Filed IRS International Reporting 

Sooner or later, these same people come to the realization that it is important to get into compliance before the IRS finds them — and potentially hits them with excessive fines and penalties.

For some of our clients, they just can’t stand to bear being out of compliance. But, instead of waiting to properly comply, they contact us after taking it upon themselves to file the forms late, before speaking with experienced counsel.

It’s okay, we get it — and we can still help!

Beware of IRS Form 3520, 5471, 5472, & 8865 Penalties

When you have not filed certain IRS international informational returns, such as form 3520, 5471, 5472 or 8865 — you cannot just go back and file the forms.

Likewise, you cannot just start filing forward – these are both examples of quiet disclosure.

Quiet Disclosure

Quiet disclosure is the process of getting into IRS “compliance” without properly submitting to one of the approved offshore amnesty programs

Some of the programs may even allow for a significantly reduced, or completely eliminated penalty.

Other programs are more stiff, but generally if you are worried about being audited in the future, or potential criminal penalties these programs are still a good option for many.

Golding & Golding, A PLC

We have successfully represented clients in more than 1,000 streamlined and voluntary disclosure submissions nationwide and in over 70-different countries.

We are the “go-to” firm for other Attorneys, CPAs, Enrolled Agents, Accountants, and Financial Professionals across the globe.

Golding and Golding, Board-Certified Tax Law Specialist

Golding and Golding, Board-Certified Tax Law Specialist

Golding & Golding: Our international tax lawyers practice exclusively in the area of IRS Offshore & Voluntary Disclosure. We represent clients in 70+ different countries. Managing Partner Sean M. Golding is a Board-Certified Tax Law Specialist Attorney (a designation earned by < 1% of attorneys nationwide.). He leads a full-service offshore disclosure & tax law firm. Sean and his team have represented thousands of clients nationwide & worldwide in all aspects of IRS offshore & voluntary disclosure and compliance during his 20-year career as an Attorney.

Sean holds a Master's in Tax Law from one of the top Tax LL.M. programs in the country at the University of Denver. He has also earned the prestigious IRS Enrolled Agent credential. Mr. Golding's articles have been referenced in such publications as the Washington Post, Forbes, Nolo, and various Law Journals nationwide.
Golding and Golding, Board-Certified Tax Law Specialist

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