Understanding the penalty structure, relief options, and how to protect yourself from severe IRS consequences for foreign corporation reporting failures Quick Facts: $10,000 Initial penalty per form $60,000 Maximum penalty
Understanding how CFC income is taxed and reported on Form 5471—calculations, schedules, and planning strategies, including 2026 NCTI changes under the One Big Beautiful Bill Act Quick Facts:
Navigate the five IRS categories to understand exactly when and what you need to file for your foreign corporation interests Quick Facts: 5 Categories of filers 10% ownership threshold for
TL;DR: 2026 Federal Tax Deadlines at a Glance Individual tax returns (Form 1040): April 15, 2026 (extension: October 15, 2026) Partnerships & S-Corps: March 16, 2026 (extension: September
A guide to Form 5472 penalty structure, how penalties accumulate, and available relief options for foreign-owned U.S. businesses Quick Facts: $25,000 Initial penalty per form No maximum Penalties can accumulate
A comprehensive guide to identifying, categorizing, and reporting related party transactions on Form 5472 Quick Facts: All transactions with related parties must be reported Separate forms required for each related
Understanding the Form 5472 requirements that apply to foreign-owned single-member LLCs and disregarded entities since the 2017 expansion Quick Facts: 2017 Year disregarded entities became subject to Form 5472
TL;DR Summary S-Corp reasonable salary is the market-rate compensation you must pay yourself before taking distributions, typically ranging from $40,000-$150,000+, depending on your role, industry, and location. The
Tracking mileage is one of those seemingly small tasks that can yield big rewards come tax time. Whether you’re a solopreneur, a small business owner, or someone who
Tax woes often feel overwhelming. The idea of owing the IRS or state can conjure images of wage garnishments, property liens, and collection calls at inconvenient hours. However,