Get the free Schedule I-1 (Form 5471) (September 2018). Information for Global Intangible Low-Tax...

Caution: DRIFTNET FOR FILING This is an early release draft of an IRS tax form, instructions, or publication, which the IRS is providing for your information as a courtesy. Do not file draft forms.

How to fill out schedule i-1 form 5471

How to fill out schedule i-1 form 5471

1. To fill out schedule I-1 form 5471, follow these steps:
2. Start by gathering all the necessary information such as your personal details, ownership information, and financial data related to the foreign corporation.
3. Begin filling out Part I of the form, providing details about the foreign corporation, such as its name, address, and employer identification number (EIN).
4. Move on to Part II and provide information about the filer, including your name, address, and taxpayer identification number (TIN).
5. Proceed to Part III and provide specifics about your ownership interest in the foreign corporation. Include details about the number and classes of shares you own.
6. In Part IV, disclose any changes in ownership during the tax year and provide relevant details.
7. Complete Part V by providing information about any changes in the foreign corporation's status during the tax year.
8. Finally, review your form for accuracy and ensure that you have attached any additional required documentation.
9. Once you are confident that all the information is correct, sign and date the form before submitting it to the appropriate tax authority.
10. Please note that this is a general overview of how to fill out schedule I-1 form 5471. It is recommended to consult the official instructions and seek professional advice if needed.

Who needs schedule i-1 form 5471?

1. Schedule I-1 form 5471 is required for individuals who meet the following criteria:
2. - U.S. citizens, residents, and domestic corporations who are shareholders in certain foreign corporations.
3. - Individuals who own 10% or more of the total value or voting power of a foreign corporation.
4. - Individuals who had control over a foreign corporation for at least 30 days during the tax year.
5. - Individuals who received certain types of income from a controlled foreign corporation.
6. It is important to note that the requirements and thresholds for filing form 5471 may vary based on different factors. Therefore, consulting the official instructions or seeking professional guidance is advisable to determine if you need to file this form.

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What is schedule i-1 form 5471?

Schedule I-1 Form 5471 is used to report information about transactions between a foreign corporation and a related party that is required to be reported by a U.S. person who is a 10% shareholder in the foreign corporation.

Who is required to file schedule i-1 form 5471?

U.S. persons who are 10% shareholders in a foreign corporation and have transactions to report between the foreign corporation and a related party are required to file Schedule I-1 Form 5471.

How to fill out schedule i-1 form 5471?

Schedule I-1 Form 5471 should be filled out by providing detailed information about the transactions between the foreign corporation and related parties, including the amount, nature, and purpose of the transactions.

What is the purpose of schedule i-1 form 5471?

The purpose of Schedule I-1 Form 5471 is to provide the IRS with information about transactions between a foreign corporation and related parties that may have tax implications for U.S. shareholders.

What information must be reported on schedule i-1 form 5471?

Information that must be reported on Schedule I-1 Form 5471 includes details of the transactions between the foreign corporation and related parties, including the amount, nature, and purpose of the transactions.