Robert Goldfield of the Portland Business Journal discussed tax filing obligations for business with international operations with Stoel Rives tax attorney Adam Kodesch. Kodesch said that such companies need to remember all their reporting obligations, including the following three key filings:
- Report of Foreign Bank and Financial Accounts (FBAR, Form TD F 90-22.1)
- Information Return of U.S. Persons with Respect to Certain Foreign Corporations (Form 5471)
- State of Specified Foreign Financial Assets (Form 8938)
Kodesch said several other reporting obligations may apply and noted that the penalties for failure to file a necessary form usually start at $10,000 per form and can rise significantly above that mark.
Read the full Business Journal article
"Countdown to April 15: Three filing tips for international businesses" was published by the Portland Business Journal, April 8, 2013. (subscription required)