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In the complex landscape of US tax compliance, IRS Form 5472 plays a crucial role in reporting transactions between foreign-owned US corporations and their related parties. This article serves as a Form 5472 introduction. It explores the purpose of Form 5472, explains its filing requirements and warns about the potential consequences of noncompliance. Form 5472 Introduction: What is Form […]
Form 3520 is one of the most important US international information returns. Due to its severe penalty structure, it is important to file it timely. In this brief essay, I will discuss the tax year 2024 Form 3520 deadline. 2024 Form 3520 Deadline: What is Form 3520 IRS Form 3520 is a US international information return. The IRS uses this Form […]
On November 18, 2024, the IRS announced that the First Quarter 2025 IRS interest rates on overpayment and underpayment of tax will decrease from the Fourth Quarter of 2024. This means that the First Quarter 2025 IRS interest rates will be as follows: seven (7) percent for overpayments (six (6) percent in the case of a corporation); seven (7) percent for underpayments; nine (9) […]
FinCEN Form 114, the Report of Foreign Bank and Financial Accounts, commonly known as “FBAR”, is one of the most important requirements that Indian Americans face as part of their US tax compliance concerning their Indian Financial Accounts. This articles provides an overview of the Indian American’s FBAR compliance requirements with the particular focus on […]
If you live in Orlando, Florida, and you are an owner or a beneficiary of a foreign trust, you need to secure the help of a Orlando Foreign Trust Attorney to properly comply with US international tax laws. You should consider retaining Sherayzen Law Office as your Orlando Foreign Trust Attorney. Sherayzen Law Office is […]