Focus on your U.S. market expansion, not on complex tax compliance
With deep expertise in US tax reporting for foreign subsidiaries, we can lead you through compliance, tax optimization & tax preparation.
In today’s interconnected world, the reach of many businesses extends far beyond national borders, but comes with many challenges.
Branching out to the U.S. Market is exciting, but the US boasts the world’s most intricate tax code, with foreign subsidiary tax reporting being the pinnacle of complexity.
For instance, while most accountants won’t touch complex forms like form 5471, it’s in these challenging scenarios that Cleer Tax really shines!
Our deep expertise with foreign subsidiary tax reporting means we can help you stay compliant by leading you every step of the way. From tax optimization to preparation, we’ve got you covered.
Our foreign subsidiary tax reporting package is designed to include all the forms the IRS requires so you can focus on your expansion, while we focus on your taxes.
Foreign Subsidiary Tax Reporting Packages
Beyond what's included in the form 5471/foreign subsidiary tax package, certain businesses might require the submission of extra forms, depending on their unique circumstances.
- Delaware Franchise Tax Preparation – For C corps registered in Delaware this filing is required annually and due March 1st.
- Tax Filing Extension – This is a 6-month extension from the original tax due date of March 15th for S-corps and April 15th for C-corps.
Still have questions?
What does “Federal Tax Return with included Forms” mean? Which forms?
So this means all the forms that are regularly included in our Federal Tax Return package. This includes Form 1120, Form 5472, Form 1125-A, Form 1102-W, Form 8949, Form 6252, Form 1139, and two Form 1099s. Plus the Foreign Subsidiary package includes Form 5471, Form 926, Form 8992, Form 8938, the FinCen 114, Form 8833 and more.
Why do we need to file Form 5471?
Form 5471 is to report foreign ownership or assets by a US corporation. Form 5471 is for Foreign Corporations with a US Operation, or US persons who are officers, directors, or shareholders, or US companies that have assets or ownership in certain foreign corporations, or a foreign corporation with respect to which one or more domestic corporations is a US shareholder.
How do I know if I need to file Form 5471?
Individuals or U.S. entities that own a foreign corporation are required to file form 5471. It is a large and detailed form used to ensure money is not being hidden offshore. This is a difficult and time consuming form to prepare.
What is Form 8833?
Form 8833 is used if you are taking a tax treaty-based position on a tax return.
What is Form 926?
This form is used when your company has transferred tangible or intangible assets to a foreign corporation or subsidiary.
What is Form 8992?
Form 8992 is used to report the Global Intangible Low Taxed Income.
What is Form 8938?
Form 8938 is part of FATCA (Foreign Account Tax Compliance Act). This requires you to report specified foreign asset to the IRS each year.
What is FinCen 114?
FinCen 114 is a foreign bank account report that is submitted to the U.S. Treasury department. It is similar to the FATCA form, but goes to a different branch of government.