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.
– 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 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.
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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.