Expertise in Offshore Tax Forms

Foreign-Owned Reportable Transactions

Foreign-Owned Corporations include Reportable Transactions included on Form 5472, but they are not generally taxable income. Failure to file the proper disclosure on time can result in significant penalties. All transactions between the parent owner and the corporation must be reported every year. A simple, annual disclosure is all that is needed to stay in compliance with the IRS.

C-Corporation Tax Returns

U.S. Corporations are required to file Form 1120. Unlike LLCs, a C-Corporation will have corporate income tax or a net loss carryover. Meaning tax will be due for any net income earned. A complex return must be filed annually to report all income and expenses. Dividends may also be subject to a special withholding tax, based on the residnet of the payment owner.

Tax Treaty Exemptions

When a Non-Resident C-Corporation or Foreign Corporation claims a tax treaty exemption ot be exempt from U.S. tax, Form 8833, Treaty-Based Return Position Disclosure, is required. Attach this disclosure to the parent entity return to be exempt from U.S. tax. This form may be needed to disclose to the IRS that no U.S. source income exists, as a result of doing business in a Non-Resident home country or the receipt of a Form 1099 that is not subject to tax.

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