International Information Returns: Forms 5471, 5472, 8865, 8858, 3520, 8938 & FBAR

US persons with foreign financial accounts, foreign entities, foreign trusts, or foreign investments face a web of information reporting requirements that exist entirely separate from income tax. These forms do not compute tax - they report ownership, control, and transactions. But failing to file them triggers some of the harshest penalties in the tax code, and a missed form can keep the statute of limitations open (IRC §6501(c)(8)). This guide covers every major international information return: what triggers it, who files it, when it is due, and what the penalties are.

The Statute of Limitations Trap

For most tax returns, the IRS has 3 years to assess additional tax (6 years if income is understated by more than 25%). But if a required international information return is not filed, the statute of limitations does not expire until 3 years after the required information is furnished (IRC §6501(c)(8)(A)). A taxpayer who forgot to file Form 5471 for 2018 can have a 2018 return that remains open for assessment until 3 years after the form is filed; if the failure is due to reasonable cause and not willful neglect, the extension applies only to the items related to the failure (IRC §6501(c)(8)(B)). This applies to Forms 5471, 5472, 8865, 8858, 3520, 3520-A, 8621, and 8938.

Entity-Level Reporting Forms

Form 5471 Information Return of US Persons With Respect to Certain Foreign Corporations

Who filesUS persons who are officers, directors, or shareholders of a controlled foreign corporation (CFC) - generally 10%+ US shareholders. Five categories of filers (Categories 1-5) with different schedule requirements.

What it reportsCFC structure, ownership, balance sheet, income statement, Subpart F income, NCTI/GILTI tested income, previously taxed income (PTI) accounts, intercompany transactions, earnings and profits.

Due dateWith the US person's income tax return (including extensions). For calendar-year individuals: April 15, extended to October 15.

Penalty: $10,000 per form per year for failure to file. Continuing failure after IRS notice: additional $10,000 for each 30-day period, up to $50,000 per form. Criminal penalties possible for willful failure. IRC §6038(b).

Form 5472 Information Return of a 25% Foreign-Owned US Corporation or Foreign Corporation Engaged in a US Trade or Business

Who filesA US corporation with 25%+ foreign ownership, or a foreign corporation engaged in a US trade or business. Disregarded entities (single-member LLCs) owned by foreign persons also file Form 5472 as if they were corporations since 2017 regulations.

What it reportsAll reportable transactions between the filer and its foreign related parties: sales, services, rents, royalties, loans, and any other transfers of value exceeding $0 (no de minimis exception).

Due dateWith the corporation's income tax return (Form 1120 or 1120-F), including extensions. For disregarded entities with no other return obligation, April 15 (extended to October 15).

Penalty: $25,000 per form per year. Continuing failure after IRS notice: $25,000 for each 30-day period. IRC §6038A(d).

Form 8865 Return of US Persons With Respect to Certain Foreign Partnerships

Who filesUS persons who control a foreign partnership - more than 50% (Category 1); US persons owning 10% or more of a foreign partnership controlled by US persons each owning at least 10% (Category 2); US persons who contribute property to a foreign partnership in a section 721 transfer meeting the 10% or $100,000 test (Category 3); and US persons with a reportable event such as an acquisition, disposition, or change in proportional interest (Category 4).

What it reportsForeign partnership income, balance sheet, contributions, distributions, ownership changes, and US partner information. Similar in structure to Form 1065 but for foreign entities.

Due dateWith the filer's US tax return including extensions.

Penalty: $10,000 per form per year. Continuing failure: $10,000 per 30-day period up to $50,000. IRC §6038(b).

Form 8858 Information Return of US Persons With Respect to Foreign Disregarded Entities and Foreign Branches

Who filesUS persons who own a foreign disregarded entity (a foreign entity treated as a branch for US tax purposes) or operate a foreign branch. Also required when a CFC owns a foreign disregarded entity - the CFC's controlling US shareholder then files.

What it reportsFinancial statements and income/expense data for the foreign disregarded entity or branch. Used by IRS to track foreign branch income for FTC basket purposes.

Due dateWith the filer's US tax return including extensions.

Penalty: $10,000 per form per year. Continuing failure: $10,000 per 30-day period up to $50,000. IRC §6038(b).

Trust and Gift Reporting Forms

Form 3520 Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts

Who filesUS persons who: (1) transferred property to a foreign trust, (2) received distributions from a foreign trust, (3) received gifts or bequests from foreign persons exceeding $100,000 (foreign individuals) or $20,573 (2026, indexed - from foreign corporations or foreign partnerships).

What it reportsDetails of transfers to foreign trusts, distributions received, and large foreign gifts. Gifts from foreign individuals are informational only (no US gift tax on the recipient); trusts trigger income reporting and potential throwback tax issues.

Due dateApril 15 for individual filers (extended to October 15). Filed separately from the income tax return - not attached to Form 1040.

Penalty: greater of $10,000 or 35% of the gross reportable amount (gross value of property transferred, or gross distributions), plus $10,000 per 30-day period beginning 90 days after IRS notice. IRC §6677(a), (c). Unreported foreign gifts: 5% of the gift per month, up to 25%. IRC §6039F(c)(1)(B). Reasonable cause exceptions: IRC §6677(d), §6039F(c)(2).

Form 3520-A Annual Information Return of Foreign Trust With a US Owner

Who filesThe foreign trust itself (or the US owner if the trust fails to file). Required when a US person is treated as the owner of any portion of a foreign trust under the grantor trust rules (IRC §671-679).

What it reportsTrust income, assets, beneficiaries, distributions, and the US owner's deemed ownership. The US owner includes all trust income on their return.

Due dateMarch 15 (for calendar-year trusts) - earlier than Form 3520. Extended to September 15 with extension.

Penalty: greater of $10,000 or 5% of the gross value of the portion of the trust's assets treated as owned by the US person, plus $10,000 per 30-day period beginning 90 days after IRS notice. IRC §6677(a)-(c).

Asset and Account Reporting

FinCEN 114 Report of Foreign Bank and Financial Accounts (FBAR)

Who filesUS persons with financial interest in or signature authority over foreign financial accounts with aggregate value exceeding $10,000 at any point during the calendar year. Not filed with the IRS - filed electronically with FinCEN (Financial Crimes Enforcement Network).

What it reportsForeign account information: institution name, account number, maximum value during the year, country. Does not report income - only account existence and maximum balance.

Due dateApril 15. Automatic 6-month extension to October 15 with no action required. Filed on BSA E-Filing System, not with the IRS.

Non-willful: up to $16,536 per report (statutory $10,000, inflation-adjusted for penalties assessed on or after January 17, 2025; per Bittner v. US (2023), per report - not per account). Willful: greater of $165,353 (statutory $100,000, inflation-adjusted) or 50% of account balance. Criminal penalties for willful violations. 31 USC §5321.

Form 8938 Statement of Specified Foreign Financial Assets (FATCA)

Who filesUS individuals with specified foreign financial assets above thresholds: $50,000 at year-end or $75,000 at any point (US-resident single filers); $100,000/$150,000 (MFJ US residents); $200,000/$300,000 (single, abroad); $400,000/$600,000 (MFJ, abroad).

What it reportsForeign financial accounts, foreign entity interests, foreign pensions, foreign life insurance with cash value. Broader than FBAR - includes direct holdings of foreign stocks, bonds, and partnership interests not held in financial accounts.

Due dateWith the income tax return including extensions. Attached to Form 1040 - unlike FBAR which is filed separately.

$10,000 for failure to disclose; $10,000 for each 30-day period after IRS notice, up to $50,000. Plus 40% underpayment penalty on amounts attributable to undisclosed assets. IRC §6038D.

Form 8621 Information Return by a Shareholder of a PFIC or QEF

Who filesUS persons who hold stock in a passive foreign investment company (PFIC) - directly or indirectly. No dollar threshold. Required even if no distribution received and no election is being made.

What it reportsPFIC shares held, elections in effect (QEF, MTM, or none), distributions received, gains on disposition, and the §1291 tax and interest charge computation if applicable.

Due dateWith the income tax return including extensions. Attached to Form 1040.

No specific dollar penalty for Form 8621 failure, but failure to file can keep the statute of limitations open until 3 years after the form is filed (IRC §6501(c)(8)(A); limited to related items if due to reasonable cause, §6501(c)(8)(B)). IRC §1298(f).

Double-reporting overlap: FBAR vs. Form 8938. Both forms may require reporting of the same foreign financial accounts. FBAR covers accounts held in foreign financial institutions. Form 8938 covers a broader set of assets including direct ownership of foreign securities. A foreign brokerage account holding foreign stocks must be reported on both. The existence of one filing obligation does not satisfy the other - both must be filed independently.

Authority: IRC §6038 (information reporting for controlled foreign corporations and foreign partnerships - Forms 5471, 8865, 8858); IRC §6038(b) (penalties - $10,000 per form, $10,000 per 30 days up to $50,000); IRC §6038A (reporting by 25% foreign-owned domestic corporations - Form 5472); IRC §6038A(d) (penalties - $25,000 per form); IRC §6038D (FATCA reporting - Form 8938); IRC §6677 (penalties for failure to report foreign trust transactions - greater of $10,000 or 35% of the gross reportable amount for transfers and distributions; 5% for a Form 3520-A failure); IRC §6039F(c) (foreign gifts - 5% per month up to 25%); IRC §1298(f) (Form 8621 annual filing requirement - SOL suspension); 31 USC §5314 (FBAR reporting requirement); 31 USC §5321 (FBAR civil penalties - non-willful and willful); Bittner v. United States, 598 U.S. 85 (2023) (FBAR non-willful penalty is per-form, not per-account); Bank Secrecy Act regulations (31 CFR Part 1010) (FBAR filing procedures - FinCEN 114); Treas. Reg. §1.6038-2 (Form 5471 filing requirements by category); Treas. Reg. §1.6038A-2 (Form 5472 filing requirements); Treas. Reg. §1.6038-3 (Form 8865 foreign partnership reporting); Treas. Reg. §1.6038B-2 (reporting of transfers to foreign partnerships - Form 8865); Form 8858 instructions (foreign disregarded entity and foreign branch reporting under IRC §6038; see Treas. Reg. §§1.6038-2 and 1.6038-3); Treas. Reg. §1.6038D-1 through 1.6038D-8 (FATCA/Form 8938 - who files, what is reported, thresholds).

International Information Returns: The Complete Map

Entity-Level Reporting Forms

Trust and Gift Reporting Forms

Asset and Account Reporting