IRS Penalties for Failure to Report Foreign Information

While there might be a single form that is required to be filed, there can be more than one penalty assessed for failure to file depending upon the type of information that is being reported on the form.  For a new foreign corporation established by a U.S. person, there may be both a Form 5471 (two potential $10,000 penalties) and a Form 926 that is required. In addition, any U.S. individual who is an officer or director of the foreign corporation may also be required to file. 

To immediately download a schedule of potential penalties complete the form to the right.