Foreign Information Returns
Forms 5471, 5472, 3520, 8865 & 8938
What Are Foreign Information Returns?
Foreign information returns are IRS filings required of U.S. persons with interests in foreign corporations, partnerships, trusts, or financial assets, and they’re filed alongside your annual income tax return. The IRS FATCA compliance page outlines many of these obligations, and the rules can vary significantly depending on your ownership structure.
Common Filing Requirements
- Form 5471 — U.S. persons with interests in certain foreign corporations
- Form 5472 — Foreign-owned U.S. corporations
- Form 3520 / 3520-A — Foreign trusts and large foreign gifts
- Form 8865 — Foreign partnerships
- Form 8938 — Specified foreign financial assets
Each of these forms carries its own thresholds, deadlines, and disclosure requirements, and many taxpayers are required to file more than one depending on how their foreign interests are structured.
Penalties for Late or Missing Filings
Failing to file complete and accurate returns can trigger significant penalties, often assessed per form, per year, regardless of whether any additional tax is actually owed. These obligations frequently overlap with FBAR penalties, so it’s important to address both together rather than treating them as separate issues.
Getting Caught Up
If you’re behind on one or more filings, various voluntary disclosure and delinquent filing procedures may reduce your exposure, and coordinating with any outstanding FBAR filing obligations is often part of the same strategy. Our CT tax attorneys and CPAs prepare and file these returns as part of a broader compliance plan. Contact us today to review your filing history.
