Foreign business reporting.
#1
BE Enthusiast
Thread Starter
Joined: Jan 2017
Posts: 670
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?
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?
#2
BE Enthusiast
Joined: Nov 2012
Posts: 902
Re: Foreign business reporting.
Louis - if you owe any transition tax under Section 965 this will need to be paid by 17 April.
#3
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.
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.
#4
BE Forum Addict
Joined: Apr 2011
Location: The Shire
Posts: 1,117
Re: Foreign business reporting.
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)?