Straight to the point. Thank you. If I may ask a question: If a US citizen is a resident in the country where the foreign corporation is incorporated, is it considered a CFC? From my understanding it’s usually NOT the case for most countries, but the US is an exception because of citizen based taxation
Great stuff, working on a partnership client who invests in foreign corporations and has foreign partners. This video and your video about foreign partners in an LLC clarified everything. I'm afraid they or their tax preparer may have neglected to file Form 5471 the year prior. Is it best for them to just wait until they hear from the IRS or is there any merit in filing a year late/voluntarily disclosing their failure to file?
Thank you Jason. I am a new to the U.S and your videos helped me a lot!
Straight to the point. Thank you.
If I may ask a question:
If a US citizen is a resident in the country where the foreign corporation is incorporated, is it considered a CFC?
From my understanding it’s usually NOT the case for most countries, but the US is an exception because of citizen based taxation
Great stuff, working on a partnership client who invests in foreign corporations and has foreign partners. This video and your video about foreign partners in an LLC clarified everything.
I'm afraid they or their tax preparer may have neglected to file Form 5471 the year prior. Is it best for them to just wait until they hear from the IRS or is there any merit in filing a year late/voluntarily disclosing their failure to file?
Great content
Thank you!