The IRS requires that reportable transactions with foreign individuals or foreign organizations owning more than 25% of the company be included in the income tax return (a few exceptions exist). Failure to report such transactions may result in a penalty of $10,000.
Because the IRS needs to know...
![Success Team avatar](https://static.intercomassets.com/avatars/941861/square_128/taxfyle-logo-icon256px-1483995861.png)
Written by Success Team
Updated over a week ago