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foreign reporting

Article Series: Common Tax Issues Faced by U.S. People Living Abroad

September 21, 2016

Overview The United States taxes its citizens and residents on their worldwide income, regardless of residency. An individual may not owe taxes, but filing a tax return is mandatory. This is to claim benefit of deductions and to comply with foreign reporting requirements. The U.S. tax process is complicated and expensive, and severe tax penalties...

Canada Us Tax corporate small business

Form 5472, Information Return of a 25% Foreign-owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business

October 1, 2013

If a U.S. company that is 25% or more owned by foreign person(s), which includes (but is not limited to) individual(s) or corporation(s), has reportable transactions with related parties, form 5472 (Information Return of a 25% Foreign-owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business) may be required to be...