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Form 5471 Substantial Compliance: What Does It Mean and Why Is It Critical? Logo aicpa

  Philip T. Pasmanik, MST, CPA |   Free |   AICPA |   01 Jun 2016 |   Tax Adviser Magazine

The IRS has provided International Practice Unit (IPU) guidance to its examiners on the penalties that apply if certain categories of U.S. shareholders fail to comply with the reporting requirements on Form 5471. This article discusses that guidance including errors and penalties.

Topics covered:
  • Tax: Technical: Individual income taxation : Reporting & filing requirements, Intermediate
  • Tax: Technical: International tax: Income & exclusions, Intermediate