Report my Thai Income in the U.S.

[BinKata]

I need to report my income from my business in Thailand to the IRS in the United States.

My Accountant gave me a copy of my income that was reported to the Thai Revenue Department. But the problem is that it is written in Thai.

 

Do I just submit the papers in Thai to the IRS in the U.S.?

Are there different income papers that my Accountant should get for me?

Do I need to get the papers translated before I send them to the U.S.?  If so, how and where would I get that done?

 

Thank you in advance.

 

 

[Airalee]

https://www.irs.com/articles/contact-the-irs

[Sheryl]

Are you an employee or self-employed?

 

If an employee, you make out a "substititue W2", form 4852  https://www.irs.gov/pub/irs-pdf/f4852.pdf

 

If you are self-employed, you don't need to attach anything, just complete schedule C and keep the papers from your accountant etc on file in the unlikley event of an audit.

[BinKata]

15 hours ago, Sheryl said:

Are you an employee or self-employed?

 

If an employee, you make out a "substititue W2", form 4852  https://www.irs.gov/pub/irs-pdf/f4852.pdf

 

If you are self-employed, you don't need to attach anything, just complete schedule C and keep the papers from your accountant etc on file in the unlikley event of an audit.

I am the owner of the company (Restaurant). I not an employee as I do not have a salary.  Do I still use form 4852?

[Monomial]

Did you work at the business or not?

 

If you did not work at the business, then depending on how you have set up the company it could either be classified as a PFIC (you don't want that) or you just report normal foreign dividends on your Schedule B (don't forget Part III).

 

Note that the Foreign Earned Income Exclusion does not apply to Schedule B income, but you still may be able to apply a foreign tax credit.

 

How did you account for the money on your Thai taxes?

 

Also, don't forget to check and see if you are required to file a Form 5471 for your overseas restaurant. There are substantial penalties for failing to file this form.

 

Note: If you are doing this through electronic filing software, then simply create a 1099-DIV as you normally would for the software, and leave the Payer's Federal Identification Number blank.

 

Edited March 8, 2017 by Monomial