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Form 5471 online Costa Mesa California: What You Should Know

Corporations), if this is the second time you have filed Form 5471, Information Return of U.S. Persons With Respect To Certain Foreign Corporations, or if filing a joint return with family member who has not filed a Form 5471, may be a violation of California law.  This penalty is increased to 20,000 if you have more than one such entity. If you have questions and need help, CPA firm has answers to the most common questions relating to this new federal tax requirement. More About California Will Impose a 10,000 Penalty for Failing to File New California tax requirement In the last few months, California has updated its tax laws for the first time for the 2023 fiscal year (Oct 1, 2023 to Sept 30, 2018) to impose a 10,000 penalty on the failure to file Form 5471, Information Return of U.S. Persons With Respect To Certain Foreign Corporations The penalty is increased to 20,000 if you have more than one such entity. The new California law will not become effective on Oct 31, 2017, however, CPA firm knows some persons have difficulty filing Form 5471 to avoid the penalty. If you do not wish to incur the tax penalty, you must file Form 5471 in the previous calendar year, and pay any tax due immediately on the last day of the tax year. (In other words, you must receive your tax bill no later than Dec 31, 2017.) The tax payment process is as follows: If you expect to owe tax, and it falls due within 30 days of the close of the fiscal year, you will receive notification from the IRS that tax has been paid. If you do not expect to owe tax, and it falls due after 30 days of the close of the fiscal year, you must pay your tax bill on or before that same date using a check or money order. (If you anticipate that the tax bill will not be paid within 30 days, you may be able to use a different payment method) Once the payment is made, the IRS will mail you a Form 5471. You may not use another tax method, such as a trust payment, in place of the tax payment as a form of payment to avoid this new penalty.

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