Forms library

IRS forms for cross-border lives

Seven filings that cover most cross-border cases. For each: who must file, the penalty, the deadline, the traps, and how we handle it.

5471Corporate & Cross-Border

Form 5471 (CFC & Foreign Corp Reporting)

U.S. citizens, green card holders, or U.S. entities who are officers, directors, or shareholders owning 10% or more of voting power/value in a Foreign Corporation (CFC Categories 1–5).

Penalty$10,000 minimum penalty per form/year.DeadlineFiled with annual income tax return (Form 1040/1120).

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5472Inbound Business & LLCs

Form 5472 (Foreign-Owned U.S. Entities & LLCs)

U.S. corporations with 25%+ direct or indirect foreign ownership, and foreign-owned single-member U.S. LLCs (treated as disregarded entities under Treas. Reg. §1.6038A-1).

Penalty$25,000 mandatory penalty per form/year for failure to timely file or maintain reportable records.DeadlineFiled with Form 1120 or pro-forma 1120 by April 15 (or October 15 with Form 7004 extension)..

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FinCEN 114Individual & Expat Compliance

FBAR (FinCEN 114)

Any U.S. person (citizen, resident, domestic entity) with a financial interest in or signature authority over foreign financial accounts exceeding $10,000 in aggregate at any time during the calendar year.

PenaltyNon-willful penalties exceed $10,000 per violation adjusted for inflation.DeadlineApril 15.

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8938Individual & Expat Compliance

Form 8938 (FATCA Reporting)

U.S. citizens and residents holding specified foreign financial assets exceeding thresholds (from $50,000 for domestic filers up to $400,000 for married expats abroad).

Penalty$10,000 failure-to-file penalty, escalating up to $50,000 for continued non-compliance after IRS notice.DeadlineAttached to annual Form 1040 (April 15 or October 15 extension)..

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2555Expat Tax Optimization

Form 2555 (FEIE Expat Exclusion)

U.S. citizens and resident aliens living and working abroad who satisfy either the Bona Fide Residence test or the 330-day Physical Presence test.

PenaltyLoss of exclusion if not timely elected, resulting in full US tax liability on offshore wages.DeadlineFiled with Form 1040 by June 15 (standard expat automatic extension) or October 15..

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GILTICross-Border Corporate

GILTI & Subpart F Planning

U.S. shareholders of Controlled Foreign Corporations (CFCs) with net CFC tested income exceeding the 10% deemed tangible income return (QBAI).

PenaltySubstantial understatement penalties (20% to 40%) plus interest on deferred liabilities.DeadlineFiled with annual Form 1040/1120 corporate or individual return..

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8621Investment & Offshore Funds

Form 8621 (PFIC / Foreign Mutual Funds)

U.S. persons holding direct or indirect interests in a Passive Foreign Investment Company (foreign mutual funds, non-US ETFs, SICAVs, holding companies).

PenaltyExcess distribution regime applies highest marginal tax rate (37%) plus compounding daily interest going back to acquisition year.DeadlineAttached to annual Form 1040..

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Statutory reference · general information, not tax advice

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