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2. Expat Taxes – Americans Abroad

Colombian company CFC and Form 5471 CPA review with corporate documents, ownership chart, Colombia map, and U.S. tax reporting checklist.

Colombian Company CFC and Form 5471 CPA Review: What Ed Parsons Looks For

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Colombian Company CFC and Form 5471 CPA Review: What Ed Parsons Looks For By Ed Parsons, CPA | Updated May 2026 Featured snippet: A Colombian company CFC and Form 5471 CPA review looks at the Colombian legal entity, U.S. tax classification, direct and indirect ownership, control, prior U.S. filings, Colombian accounting records, foreign taxes paid, […]

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Colombian SAS CFC rules and Form 5471 Part 2 graphic showing Colombia map, U.S. tax compliance topics, GILTI, FBAR, Form 8938, penalties, records, and next steps.

Colombian SAS, CFC Rules, and Form 5471 for U.S. Taxpayers – Part 2

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Step Five: Understand GILTI and Why No Dividend May Still Matter One of the most expensive misunderstandings with Colombian company ownership is the belief that no dividend means no U.S. tax issue. That may be true for some foreign income questions, but it is not safe to assume when a Colombian company is treated as

Colombian SAS, CFC Rules, and Form 5471 for U.S. Taxpayers – Part 2 Read More »

Woman reading IRS streamlined filing rejection letter at dining table with tax documents and streamlined filing package folder

Rejected Streamlined Filing? Your IRS Exposure Can Escalate Quickly

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A rejected streamlined filing eliminates the 5% penalty reduction permanently for the assets covered in the submission. There is no formal appeal process, the IRS retains every document submitted, and the standard penalty structure applies in full. Total exposure after rejection typically increases by five to ten times the streamlined penalty. Voluntary Disclosure or reasonable

Rejected Streamlined Filing? Your IRS Exposure Can Escalate Quickly Read More »

Man reviewing IRS streamlined filing rejection letter with Form 14654 tax documents and penalty calculator on office desk

Form 14654 Mistakes Can Increase Your Streamlined Filing Penalty Exposure

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Form 14654 is the IRS certification used for the Streamlined Domestic Offshore Procedures. It combines three high-risk elements into one document: the non-willful certification narrative, the 5% penalty calculation, and the eligibility statement. A mistake in any of the three can lead the IRS to reject the entire submission, eliminate streamlined penalty relief permanently, and

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U.S. passport, Colombian pesos, laptop, and tax documents representing U.S. tax rules for Americans moving to Colombia.

Americans Moving to Colombia: U.S. Tax Rules That Still Follow You

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Moving to Colombia can change your lifestyle, your cost of living, your banking, your income, and your day-to-day tax reality. But it does not automatically end your U.S. tax filing obligations. If you are a U.S. citizen, green card holder, or U.S. resident alien moving to Colombia, you may still need to file a U.S.

Americans Moving to Colombia: U.S. Tax Rules That Still Follow You Read More »

Colombian taxpayer in Miami reviewing IRS transcripts, refund clues, penalties, Colombian income, FBAR, Form 8938, and Foreign Tax Credit issues with a CPA.

¿Tus Taxes No Cuadran? CPA Review para Colombianos en Miami

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Antes de amendar, ignorarlo o esperar una carta del IRS, revisa qué muestra tu record y qué temas de Colombia pudieron quedar por fuera. Si eres Colombiano en Miami y tu U.S. tax return ya fue filed, pero algo no cuadra, el problema puede no estar solo en el refund. Puede estar en lo que

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Colombian taxpayer in Miami reviewing IRS transcripts, pension voluntaria, Skandia investment funds, PFIC issues, Colombian SAS, CFCs, FBAR, Form 8938, and foreign tax credits.

Why IRS Transcripts Are Not Enough for Colombian Taxpayers

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IRS transcripts can tell part of the story. They may show filing history, refund activity, payments, penalties, balances, wage and income records, and IRS account activity. That is useful. But for Colombian taxpayers in Miami, IRS transcripts are often not enough. Why? Because many Colombia-side facts may never appear clearly on an IRS transcript unless

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Editorial illustration showing IRS constructive ownership attribution rules involving family members, foreign corporations, Form 5471 exposure, and U.S. tax compliance

IRS Reclassified Your Foreign Company as a CFC? Streamlined Filing May Help Reduce the Damage.

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If the IRS reclassifies your foreign company as a Controlled Foreign Corporation (CFC) under the constructive ownership rules of IRC Section 958, you owe Form 5471 for every year you were a U.S. shareholder. The penalty is $10,000 per form, per year, plus tax on undistributed GILTI and Subpart F income. The Streamlined Filing Compliance

IRS Reclassified Your Foreign Company as a CFC? Streamlined Filing May Help Reduce the Damage. Read More »

Modern international tax advisory office showing GILTI tax planning, Streamlined Filing procedures, and Section 962 election strategy for U.S. shareholders of foreign corporations

Trying to Reduce GILTI Tax Exposure? Why Streamlined Filing and Section 962 Planning Matter.

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Section 962 is an election that lets individual U.S. shareholders of a Controlled Foreign Corporation (CFC) pay tax on GILTI and Subpart F inclusions at the 21% corporate rate instead of the 37% individual rate. The catch: when the CFC later distributes those earnings, you get taxed again as a qualified dividend. For prior unfiled

Trying to Reduce GILTI Tax Exposure? Why Streamlined Filing and Section 962 Planning Matter. Read More »

Colombian taxpayer in Miami reviewing Colombian property sale documents, capital gains, Form 8949, Schedule D, foreign tax credits, exchange rates, FBAR, Form 8938, and IRS transcript records.

Selling Property in Colombia: U.S. Tax Return Issues to Review

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You sold property in Colombia, or you are about to sell. Maybe it was an apartment in Medellín, Bogotá, Cali, Cartagena, Barranquilla, or another Colombian city. Maybe it was inherited. Maybe it used to be your home. Maybe it was rented for years. Maybe the proceeds stayed in Colombia. Maybe Colombian tax was paid at

Selling Property in Colombia: U.S. Tax Return Issues to Review Read More »

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