tax reporting requirements

It’s common knowledge that the IRS keeps an eye on taxpayers to make sure they’re reporting things correctly and paying the taxes they owe.  What’s less well-known is the IRS gives us insight into what areas of the tax law they’re currently focusing on.  This area is called an Active Campaign, and the IRS frequently adds topics to this list. They less frequently remove items from the list, but they will if they feel like they have fully addressed an issue.

Many of the current active campaigns relate to international tax and reporting items.  Below is a list of commonly occurring international items that are currently on the IRS’ radar:

  • Expatriation of individuals
  • FATCA filing accuracy (disclosure of foreign accounts owned by US persons)
  • FIRPTA reporting compliance for non-residents (withholding on the sale of US real estate by non-US persons)
  • Foreign earned income exclusion campaign
  • Forms 1042/1042-S compliance
  • Form 1120-F (foreign corporation) withholding campaign
  • Form 1120-F delinquent returns campaign
  • Form 1120-F non-filer campaign
  • Individual foreign tax credit (Form 1116)
  • Loose filed Forms 5471
  • Nonresident alien individual (NRA) tax credits
  • Nonresident alien rental income from US real property
  • Nonresident alien Schedule A and other deductions
  • Post Offshore Voluntary Disclosure Program (OVDP) compliance

Even though this list is long, it’s not all-inclusive.  There are several other items of international relevance on the IRS’ radar.  For a full list with a brief explanation of each topic, you can refer to the IRS website:

Our International Tax Team is pleased to be a resource to you. If you have questions regarding an Active Campaign or any of the above topics, please connect with our team.

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