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  • 1.  Late Filing of Form 5471

    Bronze Most Valuable Member
    Posted 10-03-2022 01:48 PM

    We're preparing the 2021 return for an individual tax client. He is a resident alien and we have prepared his returns since he came here in 2019.

    During the course of our prep of this year's return, we learned that he has a corporation in Europe that he owns 100%. We are now obtaining the info to complete Form 5471 to send in with his 2021 return. Client has filed Forms 114 each year to report bank accounts.

    I assume best practice will be to amend 2019 and 2020 returns to include 5471's. Btw, corporation was created in 2009.

    For those who might have experience with this, what is best way to handle request for abatement of potentially significant late filing penalties for prior years?

    Any insight is much appreciated.

    Thanks much!

    Paul Herman

     

    Herman & Company CPA's, P.C.
    13 Westfield Lane
    White Plains, NY 10605
    Phone  (914) 400-0300,  Ext 10

     

     



  • 2.  RE: Late Filing of Form 5471

    Posted 10-04-2022 09:34 AM

    We filed a statement of reasonable cause filed pursuant to the IRS Delinquent International Information Submission Procedures, attached to each return.

     

    Best regards,

     

    Lori Di Marco, CPA

     

    Lori Di Marco, CPA, PLLC

     

    31 Oak Street,  Suite 3

    Patchogue, NY 11772

    (631) 563-0111

    fax ( 631) 563-0143

     

    Click here to upload files securely.

     

      

     

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  • 3.  RE: Late Filing of Form 5471

    Bronze Most Valuable Member
    Posted 10-04-2022 10:55 AM
    Lori,
    Thanks so much for taking the time to respond to my post. I am taking a look at those procedures. Thanks. Have you heard back from IRS and can I ask what you put as your reasonable cause?
    Best,
    Paul

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    Paul Herman
    HERMAN & COMPANY CPAs, PC
    White Plains NY
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The opinions expressed are the views of the author alone and should not be attributed to any other individual or entity and shall not constitute an accounting opinion.