IRS begins automatic penalties on late Forms 5471

01/26/2009 | JournalofAccountancy.com · Tax Adviser, The

On Jan. 1, the IRS began automatically assessing penalties -- of as much as $10,000 per return -- for late-filed Forms 5471, Information Return of U.S. Persons with Respect to Certain Foreign Corporations. Taxpayers filing late Forms 5471 with their Form 1120 (corporate tax return) or attached to other returns can file a "reasonable cause" statement with the IRS to ask for reduction of the penalty.

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JournalofAccountancy.com · Tax Adviser, The

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