What Happens if You Don’t File Form 5471
Failing to file Form 5471 can lead to severe penalties. Learn the key consequences and requirements to ensure compliance and avoid costly mistakes.
What Happens if You Don’t File Form 5471 Read More »
2. Expat Taxes – Americans Abroad
What Are Key IRS Deadlines for International Tax Compliance
Stay informed about crucial IRS deadlines for international taxpayers. Meeting these deadlines is vital for compliance and avoiding penalties in tax matters.
What Are Key IRS Deadlines for International Tax Compliance Read More »
Colombian Company CFC and Form 5471 CPA Review: What Ed Parsons Looks For
Colombian CFC & Form 5471 Compliance Review by Ed Parsons 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, related-party transactions, GILTI
Colombian Company CFC and Form 5471 CPA Review: What Ed Parsons Looks For Read More »
Colombian SAS, CFC Rules, and Form 5471 for U.S. Taxpayers – Part 2
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 »
Rejected Streamlined Filing? Your IRS Exposure Can Escalate Quickly
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 can be several times the streamlined penalty, depending on the facts. Voluntary Disclosure or
Rejected Streamlined Filing? Your IRS Exposure Can Escalate Quickly Read More »
Form 14654 Mistakes Can Increase Your Streamlined Filing Penalty Exposure
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
Form 14654 Mistakes Can Increase Your Streamlined Filing Penalty Exposure Read More »
Americans Moving to Colombia: U.S. Tax Rules That Still Follow You
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 »
¿Tus Taxes No Cuadran? CPA Review para Colombianos en Miami
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
¿Tus Taxes No Cuadran? CPA Review para Colombianos en Miami Read More »
Why IRS Transcripts Are Not Enough for Colombian Taxpayers
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
Why IRS Transcripts Are Not Enough for Colombian Taxpayers Read More »
IRS Reclassified Your Foreign Company as a CFC? Streamlined Filing May Help Reduce the Damage.
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