Tax Master Inc. prepares every cross-border compliance form the IRS requires — correctly, on time, with every applicable treaty benefit claimed.
Use this table to identify which forms apply to your situation. Click a row to jump to the full service block below.
| Form | Name | Who Files |
|---|---|---|
| 1040-NR | U.S. Nonresident Alien Income Tax Return | Non-resident individuals with U.S.-source income |
| 1120-F | U.S. Income Tax Return of a Foreign Corporation | Foreign corporations with U.S. operations or ECI |
| 5472 | Information Return of a 25% Foreign-Owned U.S. Corp | Foreign-owned U.S. LLCs and corporations |
| FBAR / FinCEN 114 | Report of Foreign Bank & Financial Accounts | U.S. persons with foreign accounts over $10,000 |
| 8938 (FATCA) | Statement of Specified Foreign Financial Assets | U.S. persons with foreign assets over threshold |
| 8833 | Treaty-Based Return Position Disclosure | Anyone claiming a U.S. tax treaty benefit |
| W-7 | Application for IRS ITIN | Non-residents filing without a Social Security Number |
For non-resident individuals with U.S. wages, rental income, dividends, or business income
| Who files | Non-resident aliens with U.S. wages, rental income, dividends, royalties, or business income effectively connected with a U.S. trade or business. |
| Deadline | June 15 if no U.S. wages subject to withholding; April 15 if wages were withheld. Extensions available via Form 4868 / Form 2350. |
| Refund note | Refunds tied to Form 1042-S over-withholding can take up to 6 months from the later of the due date or filing date. |
| Penalty HIGH | Failure to file can result in the IRS assessing tax on gross income at 30% with no deductions allowed. |
For foreign corporations with U.S. operations, ECI, or gross U.S.-source income
| Who files | Foreign corporations engaged in a U.S. trade or business, or with U.S.-source income, gains, or losses. |
| Protective filing | Foreign corporations without ECI should file a protective 1120-F to preserve the right to deduct expenses. Without it, the IRS taxes gross income at 30%. |
| Branch Profits Tax | 30% Branch Profits Tax on deemed dividends repatriated; reduced to 5% for Canadian corporations under Article X of the U.S.–Canada Treaty. |
Required for foreign-owned U.S. LLCs and corporations — even with zero revenue
| Who files | U.S. corporations that are at least 25% foreign-owned AND had any reportable transaction with a foreign related party. Since 2017: also foreign-owned single-member LLCs — even with zero revenue. |
| Penalty HIGH | $25,000 per form per year for failure to file — one of the highest automatic penalties in the U.S. tax code. No reasonable cause exception is easy to obtain. |
| Common situation | Any non-U.S. person who formed a U.S. LLC or corporation must file Form 5472, even if the entity had no income, no employees, and no transactions other than formation costs. |
Required if aggregate foreign account balances exceeded $10,000 at any point during the year
| Who files | U.S. persons (citizens, residents, Green Card holders, certain entities) who had a financial interest in or signature authority over foreign financial accounts with an aggregate value exceeding $10,000 at any point during the year. |
| Deadline | April 15 with automatic extension to October 15 — no form required to extend. |
| Penalty SEVERE | Up to $10,000 per year per account (non-willful); up to the greater of $100,000 or 50% of account balance per year (willful). Criminal penalties possible for willful violations. |
| Common accounts | Canadian bank accounts, RRSP, RRIF, TFSA, foreign investment accounts, foreign business accounts with signature authority. |
| FBAR vs. 8938 | These are two separate legal requirements. Filing one does NOT satisfy the other. |
Filed with your tax return — separate from FBAR, with higher asset thresholds
| Who files | U.S. taxpayers with specified foreign financial assets above threshold. Single/MFS U.S. resident: $50,000 year-end or $75,000 at any time. Higher thresholds for MFJ filers and taxpayers residing abroad. |
| Deadline | Filed with the income tax return (Form 1040, 1040-NR, or applicable business return). |
| Penalty HIGH | $10,000 failure-to-disclose; up to $50,000 for continued failure after IRS notice; 40% underpayment penalty on understatements from undisclosed assets. |
| Assets covered | Foreign bank and brokerage accounts, foreign stocks not held in a U.S. account, foreign partnership interests, foreign trusts, foreign retirement plans (RRSP, RRIF are reportable). |
Required whenever you claim a U.S. tax treaty benefit on your return
| Who files | Anyone claiming a U.S. tax treaty position that overrides or modifies a U.S. tax rule — reduced withholding rates, RRSP deferral, residency tie-breaker, etc. |
| Penalty | $1,000 per failure to file Form 8833 when required ($10,000 for corporations). |
| Common situations | Claiming reduced dividend withholding under U.S.–Canada Treaty Article X; RRSP deferral under Rev. Proc. 2014-55; dual-resident tie-breaker under Article IV. |
For non-residents who must file a U.S. tax return but cannot get a Social Security Number
| Who files | Non-residents who have a U.S. tax filing requirement but are not eligible for a Social Security Number. Also required for treaty claims on Form W-8BEN and certain withholding situations. |
| CAA service | Tax Master Inc. is a Certifying Acceptance Agent (CAA). We can certify your identity documents in-person — you do not need to mail your original passport to the IRS. |
| Processing time | 7–11 weeks (standard); longer during peak season. Filing attached to a tax return is required in most cases. |
If you have unfiled 1040-NR returns, missed FBAR filings, or unreported foreign assets — ask about our Voluntary Disclosure and Streamlined Filing services. Coming forward proactively almost always results in lower penalties than waiting for the IRS to find you. Book a free consultation today.
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