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Filing Requirements for Miscellaneous Forms Relating to Foreign Filings
Updated as of May 31, 2009
The following contains general descriptions of filing requirements for each form listed but is not all inclusive. Please refer to the instructions to ensure proper compliance.
Reason for Filing
Tax-Exempt Organization Formed as a Tax-Exempt Organization Formed as a Attach to Form
Form Description Corporation Trust 990PF/990 or 990T? Penalties for Not Filing Any Additional Filing Requirements
SAME FOR CORPORATIONS AND TRUSTS
If filing 990-T attach to
File to report > $100,000 of direct or indirect cash transfers to foreign corporation during 12-month period, or any 990-T. Otherwise, attach
Return by a U.S. Transferor of Property to a Foreign direct or indirect cash transfer that results in the exempt organization holding at least 10% of the voting stock or to 990PF or 990, as 10% the FMV of the transferred property generally up to
926 Corporation value in a foreign corporation. applicable. $100,000 Refer to the Instructions for additional guidance.
SAME FOR CORPORATIONS AND TRUSTS
File annually when the exempt organization acquires or disposes, without regard to stock already owned, 10% or If filing 990-T attach to
more of the value or voting power of a foreign corporation, or if the organization holds >50% of the value or 990-T. Otherwise, attach Refer to the Instructions for additional guidance.
Information Return of U.S. Persons with Respect to voting power of a foreign corporation, or owns 10% or more of the voting power of a Controlled Foreign to 990PF or 990, as See instructions for various Form 5471 schedules
5471 Certain Foreign Corporations Corporation. applicable. $10,000 penalty for each missed filing. required depending on category of filer.
Failure to report a distribution from or transfer to a foreign
File if the exempt organization owns assets of a foreign trust; received a distribution from a foreign trust, or a trust by an exempt organization: 35% of the gross value of the
foreign trust held an obligation issued by the organization; or, the organization received > $100,000 from a distribution or transfer.
Annual Return To Report Transactions with Foreign nonresident alien or foreign estate, or $13,561 from a foreign corporation or partnership. Failure to file a report: 5% of gross value of trust assets owned Refer to the Instructions for additional guidance.
3520 Trusts and Receipt of Certain Foreign Gifts Exception: Do not file form 3520 to report a distribution from a foreign trust to a 501(c)(3) domestic trust. No by the exempt organization. File with: IRS, P.O. Box 409101, Ogden, UT 84409
File if the exempt organization was treated as an owner of any portion of a foreign trust. The exempt organization
would have to prepare this form to satisfy its annual information reporting requirements. It is possible that an Failure to file timely or an incorrect or incomplete filing: 5% Refer to the Instructions for additional guidance.
Annual Information Return of Foreign Trust with a exempt organization that has an ownership interest in a foreign trust will have to file both the Form 3520 and of gross value of trust assets owned by the exempt File by March 15 (extend with Form 7004) with:
3520-A U.S. Owner Form 3520-A. No organization. IRS, P.O. Box 409101, Ogden, UT 84409
SAME FOR CORPORATIONS AND TRUSTS
Refer to the Instructions for additional guidance.
File to make elections or report certain transactions with regard to Passive Foreign Investment Companies. If not required to file an income or other return file
Return by a Shareholder of a Passive Foreign These elections only apply if the dividend from the PFIC will be taxable to the shareholder under Form 990T Income tax with: Internal Revenue Service Center, Ogden, UT
8621 Investment Company or Qualified Electing Fund subchapter F. Return 84201-0201
SAME FOR CORPORATIONS AND TRUSTS
Subject to civil and criminal penalties for failure to file or Refer to the Instructions for additional guidance.
File if the exempt organization has a financial interest or signatory authority over a foreign account if the amount filing a false or fraudulent report and a maximum fine of File by June 30 with: US Dept of Treasury,
TD F 90-22.1 Report of Foreign Bank and Financial Accounts exceeds $10,000 in aggregate (i.e., all accounts together) at any time during the calendar year. No $500,000 and imprisonment for five years. P.O. Box 32621, Detroit, MI 48232-0621
NOTE: Reportable Transactions for Form 8886
File if the exempt organization participates in a reportable transaction (i.e., listed, confidential, contractual differ from those for Form 5472. Refer to the
protection, loss, and transactions of interest). Exempt organizations may have additional reporting requirements If filing 990-T attach to Instructions for additional guidance.
on Form 8886-T - see below. All reporting requirements are the same with the following exception for loss 990-T. Otherwise, attach Failure to include information related to a reportable Initial year also file separately: Internal Revenue
transactions thresholds: Corporations required for $10,000,000 in any single year or $20,000,000 in any to 990PF or 990, as transaction is a $50,000 penalty. Penalties for failing to report Service, OTSA Mail Stop 4915, 1973 North Rulon
8886 Reportable Transaction Disclosure Statement combination of years and trusts for $2,000,000 in a single year or $4,000,000 in any combination of years. applicable. listed transactions are $200,000. White Blvd., Ogden, UT 84404
SAME FOR CORPORATIONS AND TRUSTS
Exempt organization that participates in a prohibited tax shelter file Form 8886-T rather than a Form 8886. Failure to include information related to a prohibited Refer to the Instructions for additional guidance.
Disclosure By Tax-Exempts Regarding Prohibited Tax Prohibited tax shelters include listed transactions, confidential transactions or transactions with contractual transactions is a $50,000 penalty. Penalties for failing to File with: Department of the Treasury, Internal
8886-T Shelter Transactions protection. May also need to file Form 8886 and/or Form 4720 (for related excise tax penalties). No report listed transactions are $200,000. Revenue Service Center, Ogden, UT 84201-0027
SAME FOR CORPORATIONS AND TRUSTS
File if the exempt organization directly or indirectly invests in a foreign partnership and owns more than 50% of
the partnership, or the exempt organization owns a 10% or more interest of a foreign partnership controlled by If filing 990-T attach to Category 1 & 2 Filers: A $10,000 penalty is imposed for
U.S. Persons, or the exempt organization contributes to a foreign partnership $100,000 or more in a given year, or 990-T. Otherwise, attach failure to furnish each foreign partnership. Category 3: A Refer to the Instructions for additional guidance.
Return of U.S. Persons with respect to Certain Foreign the contribution to the foreign partnership in a given year results in a 10% ownership interest, or if the exempt to 990PF or 990, as penalty equal to 10% of the FMV of the contributed property If no separate filing required file with the IRS at the
8865 Partnerships organization disposes of an interest in a foreign partnership. applicable. up to $100,000. Category 4 filers: $10,000 penalty time and place you would be required to file a return.
Form 990T Income tax
1116 Foreign Tax Credits File to claim the foreign tax credit for foreign taxes paid Return
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Filing Requirements for Miscellaneous Forms Relating to Foreign Filings
Updated as of May 31, 2009
The following contains general descriptions of filing requirements for each form listed but is not all inclusive. Please refer to the instructions to ensure proper compliance.
Reason for Filing
Tax-Exempt Organization Formed as a Tax-Exempt Organization Formed as a Attach to Form
Form Description Corporation Trust 990PF/990 or 990T? Penalties for Not Filing Any Additional Filing Requirements
File to claim the foreign tax credit for foreign taxes Form 990T Income tax
1118 Foreign Tax Credits paid Return
IRS Circular 230 Disclosure
To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used,
nue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.
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