IRS issues new international tax information reporting requirements for foreign partnerships and foreign corporations: new penalties and how to avoid them.(Federal Tax Issues)

Ohio CPA Journal, The, April, 1998 by Vari, Frank J.

As our global economy continues to expand and companies, both large and small, are either starting or expanding their international operations, greater pressure is placed upon accountants and attorneys in both industry and private practice to report the results of these international operations properly on federal tax returns. In the past, penalties have existed for failure to report certain transactions on federal information returns, but only in certain instances have these penalties been enforced during an audit. However, recent history shows that the United States (U.S.) reporting requirements are changing which only increases the pressure on practitioners. (Reprinted by permission of the publisher.)

In 1996, The Internal Revenue Service (IRS) initiated much stronger...

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