British Expats - Foreign business reporting.

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- - Foreign business reporting. (https://britishexpats.com/forum/usa-57/foreign-business-reporting-911154/)

LouisB

Mar 31st 2018 7:30 pm

Foreign business reporting.

I thought I was all square with tax etc then by accident I discover fbar and foreign business reporting.

Fbar looks ok, can get that done shortly I think.

My main concern is on this other one, the 5471 https://www.taxesforexpats.com/services/form-5471-preparation.html

Eeek. Looks like it can be complex. Probably I need to enlist a specialist ASAP.

Anyone have any advice on it?

Cook_County

Apr 1st 2018 7:27 am

Re: Foreign business reporting.

Louis - if you owe any transition tax under Section 965 this will need to be paid by 17 April.

penguinsix

Apr 2nd 2018 9:36 am

Re: Foreign business reporting.

5471--Specialist.

File for an extension now and work out the 5471 with a specialist over the next few months. Once you see how it is done you might be able to DIY next year, but it's an annoying form and one you don't want to screw up.

Also note FATCA filing thresholds and whether you need to fill that out too.

theOAP

Apr 2nd 2018 8:55 pm

Re: Foreign business reporting.

Quote:

Originally Posted by Cook_County (Post 12473814)

Louis - if you owe any transition tax under Section 965 this will need to be paid by 17 April.

I have no doubts you will already know this, but evidently the transition payment deadline has been extended from 17 April to October IF the taxpayer files for the normal 6 month extension for their return (3rd 965 notice 2018)?

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