U.S. partners are required to report their share of any foreign partnership income or loss on their annual individual tax return (form 1040).
If you own 10% or more of a foreign partnership, you need to file an annual report with the IRS.
Failure to submit all related business information on time may cause a $10,000.00 penalty subject to a monthly increase with a maximum of 50,000.00 for each failure.
