Forgot a US tax form in prior year potentially

[Vor]

I am wondering what the repercussion will be for forgetting to report a foreign branch specifically form 8858 I think I may have forgotten to file one for one of my foreign companies as a US person. I'm pulling my tax transcript to double check but I know the penalty is $10,000 by default if in fact I did forget it for one company. I'm assuming however though that fixing this would be as simple as amending since if I did forget they did not catch it and asses the default fine.

I just have the inclination I forgot one of my companies but well see when I pull my transcript and wanna make sure this potential issue doesn't spiral out of control. If it was forgotten off my return I'd assume my options are 1. do nothing they didn't catch it anyway 2. amend my return to include it

 

[Martin Everson]

Best to speak to a US tax advisor or accountant and rectify asap if needed. In terms of penalties no idea. If your a US person abroad the cost of accountants or tax advisors back and forth with IRS maybe penalty enough 😕.

Toggle signature
Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Vor]

Martin Everson said:
Best to speak to a US tax advisor or accountant and rectify asap if needed. In terms of penalties no idea. If your a US person abroad the cost of accountants or tax advisors back and forth with IRS maybe penalty enough 😕.
Click to expand...

haha ya I have an accountant + lawyer who deals specifically with my US tax issues.... i pay thousands a year. If I did in fact forget to tell them though about a company that's my fault not theirs, accountant cant know what I do not tell them. I managed to accidently delete the one tax year files im concerned about lol so now I gotta wait for IRS transcript to see if I screwed up.

 

[Fulton Abraham Sanchez]

Amending is fine. No penalty if you report it on the amendment.

 

[Vor]

Fulton Abraham Sanchez said:
Amending is fine. No penalty if you report it on the amendment.
Click to expand...

great to hear! this is what I figured. It's probably reported anyway and I'm just being paranoid. Will get my transcript and triple check to be sure so it doesn't become an issue.