International Tax insights

Source-cited explainers on International Tax, in plain English or Spanish, for the individuals and businesses we serve across Miami and beyond.

International Tax
Foreign-Owned U.S. Business Tax Reporting: The Forms and Penalties to Know
A foreign-owned U.S. business often owes information returns like Form 5471, Form 5472, the FBAR, and FIRPTA withholding, each with its own steep penalty. Here is how these cross-border filings fit together and who must file them.
July 2, 20266 min read
International Tax
FIRPTA Withholding on Foreign Sellers of U.S. Real Property: Rates, Exemptions, and Form 8288
When a foreign person sells U.S. real property, the buyer must withhold 15% of the amount realized and remit it to the IRS using Form 8288. Foreign sellers can reduce or eliminate that withholding by applying for a certificate on Form 8288-B.
June 13, 20264 min read
International Tax
FBAR vs Form 8938: Foreign Account Reporting Thresholds and Penalties
US persons whose foreign accounts together exceed $10,000 may owe FBAR. Those whose foreign financial assets exceed IRS thresholds starting at $50,000 may also owe Form 8938. The two forms can apply at the same time and one does not replace the other.
May 21, 20264 min read
International Tax
Form 5471 and the $10,000 Penalty for US Owners of Foreign Corporations
If you are a US citizen or resident who is an officer, director, or 10 percent shareholder of a foreign corporation, Form 5471 may be required. The IRS charges $10,000 per missed filing, with continuing $10,000 penalties every 30 days after a 90-day notice.
May 21, 20264 min read
International Tax
Form 5472 and the $25,000 Penalty for Foreign-Owned U.S. Corporations
If you own 25% or more of a U.S. corporation as a foreign shareholder, the IRS can assess a $25,000 penalty for a missed Form 5472. Here is what triggers it and how to file on time.
May 21, 20264 min read

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International Tax insights

Foreign-Owned U.S. Business Tax Reporting: The Forms and Penalties to Know

FIRPTA Withholding on Foreign Sellers of U.S. Real Property: Rates, Exemptions, and Form 8288

FBAR vs Form 8938: Foreign Account Reporting Thresholds and Penalties

Form 5471 and the $10,000 Penalty for US Owners of Foreign Corporations

Form 5472 and the $25,000 Penalty for Foreign-Owned U.S. Corporations

Tax and business updates, straight to your inbox.

Have a specific tax or accounting question?