Required tax forms??

[lvc1028]

I formed a CR corp in 2012 (actually 2…long story not worth mentioning), so this year it’s time to disclose it with my 1040. One corp has nothing in it and the other has an undeveloped piece of land.

Question…what forms do I need to file? I found the 5471 and the 8938 that seem applicable but not really sure if I need to do anything or not. I’d rather be safe than sorry and not worry about the $10k possible ‘failure to file’ fine and just file the returns.

I actually called the IRS and, after 1/2 hour on hold, I asked them a simple question about the forms. Their answer, “we have no information to give you regarding foreign corporations. Speak to a tax attorney or a CPA for explantion.” Also, the corporations are inactive by CR standards…are they also ‘dormant’ for IRS purposes?

So, I think it’s best to just file the returns and take no chances…I guess if they are unnecessary, let the IRS tell me so.

I live in the US and have no bank/financial accounts in CR. The one corp, I have 50% ownership and the one with the land I have 95%.

Thanks.

[Ballonfish]

I use these guys for filing my foreign SRL’s. There seems to be so many new rules and changes that you can quickly find yourself in a bind. One missed checked box could cost you.

Also, check out John’s blog

http://dcataxservice.com

[costaricabill]

I file the corporate tax and Municipal tax for many non-resident friends in the Cantons of Nicoya and Hojancha. It is SO EASY! If you have a friend that lives nearby your property, just ask them to help you pay the local tax, Solidarity Tax (Luxury Tax) and/or Corporate Tax.

They can either wire you the $$, or just deposit it in your account in the States and then you pay by credit card or go to the ATM and withdraw the $$ and pay on their behalf!

[lvc1028]

[quote=”costaricabill”]I file the corporate tax and Municipal tax for many non-resident friends in the Cantons of Nicoya and Hojancha. It is SO EASY! If you have a friend that lives nearby your property, just ask them to help you pay the local tax, Solidarity Tax (Luxury Tax) and/or Corporate Tax.

They can either wire you the $$, or just deposit it in your account in the States and then you pay by credit card or go to the ATM and withdraw the $$ and pay on their behalf![/quote]

I don’t live there nor have accounts there. I just formed the corps last year and was wondering how to declare them on my 1040 for 2012. From what I can see, I use the form 5471 (for foreign corps) as well as the 8938.

For paying prop tax and corp fees, we have someone to do that. I was more trying to find out the correct forms to use since the IRS is completely useless when I tried to call them.

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