The following items will be covered in this presentation: 

 

Outbound

U.S. Persons with activities outside the United States

• Income Tax Returns and Information Reports

o Forms 1120/1065/1040

 Forms 1116/1118

 Form 5471

 Form 8865

 Form 8858

 Form 926

 Form 8621

 Form 8938

• Other Potential Filing Obligations

o FBAR/FinCEN 114

o Form 3520

• Recent Cases

o Bittner v. U.S. (re non-willful FBAR penalties)

o Farhy v. CIR (re: 6038(b))

 

Inbound

Non-U.S. Persons with U.S. Activities

• Income Tax Returns and Attachments

o Form 1120

 Form 5472

o Form 1120-F

 Form 8833

• Other Filing Obligations

o Forms 8804/8805/8813

o Form 8288

 

Payments to Foreign Persons

• Forms 1042/1042-S/1042-T

• Forms W-8BEN/W-8ECI/W-8IMY

 

Forms K2/K3

• Form K-2/K-3 – Year 2

o Purpose 

o Circumstances requiring preparation

o How much needs to be completed

Voluntary Compliance

• Voluntary Disclosure Practice (post-OVDP)

• Streamlined Filing Compliance Procedures

• Delinquent FBAR Submission Procedures

• Delinquent International Information Return Submission Procedures