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Taxpayer -These are applied to each tax year with no statue of limitation
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Filing Requirement
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Form
IRC Penalty section
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U.S. person with interest in:
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Foreign Corporation (FC)
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Form 5471
IRC 6038(b)
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Foreign Partnership (FP)
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Form 8865
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FC or FP with Foreign Disregarded Entity
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Form 8858
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Penalty reducing Foreign Tax Credit:
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Foreign Corporation (FC)
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Form 5471
IRC 6038(c)
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Foreign Partnership (FP)
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Form 8865
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FC or FP with Foreign Disregarded Entity***
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Form 8858
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25 percent foreign-owned U.S. corporations
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Form 5472
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IRC 6038A(d)
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25 percent foreign-owned U.S. corporations that fail to: 1) authorize the reporting corporation to act as agent of a foreign related party, or 2) substantially comply with a summons for information
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N/A
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IRC 6038A(e)
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Transferor of certain property to foreign persons:
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Foreign Corporation
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Form 926
IRC 6038B(c)
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Foreign Partnership
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Form 8865 Schedule O
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Foreign corporations engaged in U.S. business
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Form 5472
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IRC 6038C(c)
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Individuals receiving gifts from foreign sources exceeding $10,000 (adjusted annually for cost of living)*** use to be $100,000
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Form 3520
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IRC 6039F(c),
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Individuals that relinquish their U.S. citizenship or abandon their long-term resident status
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Form 8854
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IRC 6039G(c)
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Foreign persons holding direct investments in U.S. real property interests
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N/A
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IRC 6652(f)
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U.S. person who transfers to, or receives a distribution from, a foreign trust
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Form 3520
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IRC 6677(a)
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U.S. Owner of a foreign trust
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Form 3520-A
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IRC 6677(b)
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Failure to file returns with respect to acquisitions of interests in:
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Foreign Corporation
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Form 5471 Schedule O
IRC 6679,
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Foreign Partnership
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Form 8865 Schedule P
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IRC 6679,
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Foreign corporation failure to file personal holding company tax return
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Form 1120 Schedule PH
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IRC 6683(Repealedin 2005)
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DISC, IC-DISC, or FSC failure to file returns or supply information:
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DISC
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Form 1120-DISC
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IC-DISC
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Form 1120-IC-DISC
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FSC
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Form 1120-FSC
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Allocation of Individual Income Tax to Guam or the CMNI
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Form 5074
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IRC 6688
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Statement for Individuals Who Begin or End Bona Fide Residence in a U.S. Possession
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Form 8898
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IRC 6688
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Taxpayer’s failure to file notice of foreign tax redetermination under IRC 905(c) or IRC 404A(g)(2)
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Form 1116 or Form 1118 (attached to Form 1040-X or Form 1120-X)
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IRC 6689
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Taxpayer’s failure to file notice of foreign deferred compensation plan under IRC 404A(g)(2)
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N/A
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IRC 6689
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Taxpayer’s failure to disclose treaty-based return position
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Form 8833 or statement
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IRC 6712
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Failure to Provide Information Concerning Resident Status (Passports and Immigration)
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N/A
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IRC 6039E
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Information with Respect to Foreign Financial Assets Yearly penalty
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Form 8938, Form TDF90.22-1
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IRC 6038D
50% of assets
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