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Penalty Relief for International Tax Forms 5471, 5472 & 8865?

A common question our International Tax Lawyers receive is whether or not a US Person Taxpayer can seek relief from IRS International Information Reporting Penalties resulting from noncompliance with international information reporting Forms 5471, 5472, and 8865.

-Form 5471: Information Return of U.S. Persons With Respect To Certain Foreign Corporations under 26 USC 6038 and 26 USC 6048

-Form 5472: Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business under 26 USC 6048

-Form 8865: Return of U.S. Persons With Respect to Certain Foreign Partnerships under 26 USC 6038 and 26 USC 6048

While these particular forms do not focus specifically on foreign accounts or assets, they are required for any US person who meets the particular category of filer required to submit the form(s). Unlike form 5471 and 8865 – Form 5472 is required for taxpayers who live abroad and are non-US persons who are conducting business in the United States through an entity or disregarded entity. Let’s go through the basics of penalty relief for international tax forms 5471, 5472, and 8865.

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