October 14, 2019
ECOVIS Global published an article by Tax Director Chuck Gill, about new complex international tax reporting under the TCJA.
ECOVIS Global
By Chuck Gill, Director, Tax & Business Services
Excerpt:
The increased complexities of additional reporting, although somewhat onerous, are not as difficult as having to break down prior cumulative balances for compliance with more detailed reporting requirements… Even a good faith effort could result in an incomplete return, resulting in a plethora of penalties as described above, even if there is no tax liability on the return to which the 5471 disclosure is attached.
