IRS Penalties on Late Filed Forms 5471, 5472, 8621 & 8938

If you failed to timely file one of these international forms, you could be facing some severe penalties.

The IRS is really interested in knowing what types of foreign financial assets are owned by U.S. taxpayers.

If you own a stock interest in a CFC, make sure to include that Form 5471, or else you are facing a $10,000 penalty!

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DISCLAIMER: I am a licensed attorney and certified public accountant (CPA) in the State of Florida. I am not a financial advisor. The information provided in this video is for entertainment purposes only. No such communication is provided in the course of an attorney-client relationship, and no communication is intended to constitute legal advice. You should speak with your own tax and legal professionals to discuss your circumstances before performing any of the tax, legal or accounting strategies demonstrated in this video. Thank you.