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Unintended consequences of foreign branch reporting By Ioana Lacatusu, CPA, MBA, Dallas, and Jerry Seade, J.D., LL.M., Houston Related In December 2018, the IRS issued revised instructions to Form 8858, Information Return of U.S. Persons With Respect to Foreign Disregarded Entities (FDEs) and Foreign Branches (FBs), which expanded the requirement to file this form to include the reporting of foreign branch operations of U.S. persons, controlled foreign corporations (CFCs), and controlled foreign partnerships. Previously, this requirement had applied only with respect to foreign disregarded entities. Certain U.S. citizens and U.S. residents doing business abroad can have surprising tax reporting obligations as a consequence of this expanded requirement. The penalties for any missed (or late) Form 8858 reporting can be great, ranging from a $10,000 fine per missed form per tax year, to potentially losing the ability to claim foreign tax credits, to the potential imposition o

United statesDistrict of columbiaKevind andersonForeign branchNational tax officeInformation returnWith respectForeign disregarded entitiesForeign branchesTransactions between foreign disregarded entityLoss from businessIncome taxஒன்றுபட்டது மாநிலங்களில்மாவட்டம் ஆஃப் கொலம்பியாவெளிநாட்டு கிளைதேசிய வரி அலுவலகம்