Are Form 843 Amend 2011-2024

Hey Anthony hey hey we're continuing form 5471 series first part we talked about what's a controlled foreign corporation then we talked about the history the crazy history and today we want to talk about the penalties that's right the iris currently is not focused on form 5471 penalties but that could change if they run out of revenue from f bars right I think that's that our concern is right now it's not a big focus of them the exposures there that's for sure and just like f bar exposure was always there most CPAs just sort of they knew about the f bar they didn't bother filing because well what what's what's the iris isn't going to penalize you anyway you're not evading taxes so you know who cares so sort of the same I think unfortunately sort of the same thinking is coming to place because we're running into cases where people have hired law firms to do a voluntary disclosure they do a voluntary disclosure and they're missing forum 5471 wow so and in it there's actually ways you can avoid some of the recognition and filing it during the standard one but going forward you need to know it's there and so it's something that people are just missing out and then in streamline offshore disclosures it is something that has to be there so people are submitting incomplete voluntary disclosures because these foreign reporting forms are rather complicated the IRS has not made them a focus yeah but really hate right yeah and it hasn't really pushed it in the news that this exists and it's really you could have we did have a client in many countries that you if you're a u.s. person you title everything in the name of a corporation...