Extensive documentation will be required moving forward if you invest or operate a business overseas, due to changes in overseas tax law.
If you do business offshore, it’s vitally important that you pay attention to developments surrounding the law known as FATCA. This is more than just a tax – it’s a law requiring a massive amount of paperwork and forms that must be submitted yearly.
Forms like Form 5471, Form 5472, form 8865 all have a $10,000 penalty associated with them if they are not completed correctly or not filed. Additionally, failing to file these forms makes your entire business tax return indefintiely open to audit. That is, there is no statute of limtation; the IRS could got back in time to create a big nightmate.
If you need assistance setting up your business to have the best possible tax plan, or if you realize that you have filing requirements you have not adhered to, contact us. We can help. Call us at 888-727-8796.