Tax Traps for Foreign Owners of US Property in LLCs 1 Credit
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Foreign Owned Disregarded Entities (FODEs) represent a lesser-known but essential component of US tax regulations. These entities are primarily single-member LLCs owned by foreign individuals or foreign entities, which have opted for disregarded entity status for tax purposes.Â
One of the noteworthy aspects of FODEs is that, irrespective of their financial activity—whether they have zero income, expenses, or transactions—tax returns must be filed for them using C-corporation tax forms. This requirement stems from the need for the Internal Revenue Service (IRS) to monitor and regulate the activities of foreign investors in the US.
A significant challenge in the realm of FODE compliance is the pervasive lack of awareness. Many foreign investors who have ventured into US real estate over the past decade remain oblivious to their obligation to file tax returns for their FODEs. This lack of awareness can prove costly as the IRS imposes an automatic penalty of $25,000 each year for non-compliance. What makes this situation even more concerning is that not only investors but also many tax practitioners appear to be unfamiliar with these rules and the substantial penalties that come with failing to file FODE returns.
With the introduction of the FinCEN beneficial ownership rules, the spotlight is now on FODEs. These rules aim to increase transparency by disclosing the true ownership of entities, including FODEs. As such, many previously concealed FODEs are now exposed to regulatory scrutiny. However, there is a glimmer of hope for those who may have fallen afoul of FODE compliance rules. Recent tax court cases have opened the door to potential penalty relief for non-compliant entities, providing an opportunity for those who may have missed their obligations to come forward, rectify their situation, and possibly reduce or eliminate penalties.Â
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Join this CE Tax Course to discuss these developments, it is a prudent move for FODE owners to address their compliance status and ensure their entities are in good standing with the IRS.
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Crystal Stranger holds a Juris Doctor of Law degree, is an Enrolled Agent (EA), EOS Integrator, and professionally Senior Tax Director and CEO of OpticTax.com. Bringing over 20 years of finance, accounting, and leadership experience she enjoys helping startups stay focused on the big picture objective while maintaining an eye to the details and performing realistic risk assessments.
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