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This form is used by U.S. persons to report information about certain foreign corporations in which they are shareholders.
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How to fill out form 5471
How to fill out Form 5471
01
Obtain Form 5471 from the IRS website or your tax software.
02
Identify your filing category (e.g., Category 1, 2, 3, 4, or 5).
03
Enter your name, address, and identification number at the top of the form.
04
Provide details of the foreign corporation, including its name, address, and country of incorporation.
05
Fill out Schedule A to report the U.S. shareholder's ownership interests.
06
Complete Schedule B to disclose information about the foreign corporation's stock.
07
Use Schedule C to report the foreign corporation's income, deductions, and taxes.
08
Fill out Schedule D to detail the foreign corporation's balance sheet and equity accounts.
09
Complete any additional schedules that apply to your situation.
10
Review the form for accuracy and completeness before submission.
11
Submit Form 5471 with your tax return by the due date.
Who needs Form 5471?
01
U.S. citizens and residents who are officers, directors, or shareholders in certain foreign corporations.
02
U.S. persons who own 10% or more of a foreign corporation.
03
U.S. persons who have had a reportable event with a foreign corporation.
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People Also Ask about
What is the difference between form 5471 and 5472?
What is the difference between Form 5471 and Form 5472? While Form 5471 is filed by a US taxpayer, Form 5472 is filed by any foreign corporation engaged in US trade, business, or corporation that is 25% foreign owned.
How long does it take to complete form 5471?
You must file Form 5471 with your tax return. For individual US taxpayers, it is attached to Form 1040 and filed as part of the annual tax return. Setting expectations: The IRS estimates it should take around 38 hours to complete Form 5471.
Who completes form 5471?
Any U.S. citizen, resident, trust, partnership, corporation, or estate that owns at least 10% of a foreign corporation must file Form 5471. (For the sake of simplicity, we'll refer to all of the above as a “U.S. person” throughout this article.) This form is filed alongside your annual tax return.
What is the penalty for not filing form 5471?
Ownership of foreign corporations Penalty Computation: You may be subject to a penalty of $10,000 for each failure to file a complete and correct Form 5471 by the due date.
Who needs to file a form 5471?
Purpose of Form Form 5471 is used by certain U.S. persons who are officers, directors, or shareholders in certain foreign corporations. The form and schedules are used to satisfy the reporting requirements of sections 6038 and 6046, and the related regulations.
What is form 5471 used for?
Schedule O (Form 5471), Organization or Reorganization of Foreign Corporation, and Acquisitions and Dispositions of its Stock. Foreign corporation's that file Form 5471 use this schedule to report the organization or reorganization of a foreign corporation and the acquisition or disposition of its stock.
What is a CFC for tax purposes?
What Is a Controlled Foreign Corporation (CFC)? A CFC is a foreign company directly or indirectly controlled by a resident taxpayer. Specific criteria varies by country. In the U.S., the company must be at least half owned by domestic taxpayers and each of them must have at least a 10% stake.
How much does it cost to file a 5471?
Should a US corporation with net operating losses still be concerned? FormDescriptionPrice Form 5471 Base price $625 Additional Schedule I and Schedule P for reporting on behalf of another U.S. Shareholder: combined $150 Sec 965 Transition tax $500 GILTI tax reduction analysis (Sec 962 & more) $65011 more rows
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What is Form 5471?
Form 5471 is an information return that U.S. persons must file to report their interest in certain foreign corporations.
Who is required to file Form 5471?
U.S. citizens and residents who are officers, directors, or shareholders in certain foreign corporations must file Form 5471.
How to fill out Form 5471?
Form 5471 can be filled out using the IRS instructions provided for the form or via tax preparation software that supports it. Detailed information about ownership, income, and expenditures must be reported.
What is the purpose of Form 5471?
The purpose of Form 5471 is to provide the IRS with information about foreign corporations that U.S. persons are involved in, ensuring compliance with U.S. tax laws and regulations.
What information must be reported on Form 5471?
Information that must be reported includes the corporation's income statement, balance sheet, shareholders, ownership structure, and details about transactions with the corporation.
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