Form 5471 – Reporting Ownership in Foreign Corporations

March 16, 2021By Elvira Frencillo

You may be required to file Form 5471, “Information Return of U.S. Persons with Respect to Certain Foreign Corporations,” if you have ownership in a foreign corporation. Form 5471 is becoming increasingly important for U.S. taxpayers with interest in a foreign corporation regardless of location. Determining who needs to file Form 5471 can be a … Read More

KROST Quarterly Magazine: The Real Estate Issue is Now Available!

October 26, 2020By KROST

We are happy to announce the release of our newest quarterly magazine! The Real Estate Issue highlights some of the hot topics in real estate including 1031 Exchange, Cost Segregation, Opportunity Zones, Qualified Improvement Property, Delaware Statutory Trusts, and Green Building Tax Incentives. What You’ll Find Inside this Issue: Challenges Facing the Real Estate Industry … Read More

The Streamlined Offshore Disclosure Procedures

April 29, 2020By Evelyn Fernandez

It is not uncommon for U.S. citizens or Green Card holders to come across a situation where they realize they haven’t been entirely compliant with U.S. tax filing requirements. The filing requirements, especially for foreign assets and income, have become so complex that even some tax practitioners don’t know where to start. If you feel … Read More