I Beginning of annual accounting period Cat. No. 49958V ii End of annual Form 5471 Rev. 12-2015 Page 2 Schedule B U.S. Shareholders of Foreign Corporation see instructions number of shareholder shareholder. Defined in section 989 b and the related regulations see instructions Enter exchange rate used for line 5d e f g h 5a Schedule I 5b 5c 5d Summary of Shareholder s Income From Foreign Corporation see instructions If item E on page 1 is completed a separate Schedule I must be filed for each...Category 4 or 5 filer for whom reporting is furnished on this Form 5471. Form Information Return of U.S. Persons With Respect To Certain Foreign Corporations Rev. December 2015 Department of the Treasury Internal Revenue Service OMB No. 1545-0704 For more information about Form 5471 see www.irs.gov/form5471 Information furnished for the foreign corporation s annual accounting period tax year required by section 898 see instructions beginning and ending Attachment Sequence No. Name of person...filing this return Number street and room or suite no. or P. O. box number if mail is not delivered to street address A Identifying number B Category of filer See instructions. Check applicable box es 1 repealed City or town state and ZIP code Filer s tax year beginning C Enter the total percentage of the foreign corporation s voting stock you owned at the end of its annual accounting period D Check if any excepted specified foreign financial assets are reported on this form see instructions. E...Person s on whose behalf this information return is filed 1 Name 2 Address 4 Check applicable box es Shareholder Officer Director Important Fill in all applicable lines and schedules. All information must be in English. All amounts must be stated in U*S* dollars unless otherwise indicated* 1a Name and address of foreign corporation b 1 Employer identification number if any b 2 Reference ID number see instructions c d Date of incorporation e Principal place of business f Principal business...activity code number Country under whose laws incorporated h Functional currency 2 Provide the following information for the foreign corporation s accounting period stated above. a Name address and identifying number of branch office or agent if any in the United States b If a U*S* income tax return was filed enter of incorporation persons with custody of the books and records of the foreign corporation and the location of such books and records if different i Taxable income or loss ii U*S*...income tax paid after all credits Schedule A Stock of the Foreign Corporation b Number of shares issued and outstanding a Description of each class of stock For Paperwork Reduction Act Notice see instructions. Note This description should match the corresponding description entered in Schedule A column a. c Number of shares held at e Pro rata share of subpart F income enter as a percentage Schedule C Income Statement see instructions Important Report all information in functional currency in...accordance with U*S* GAAP.
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Instructions and Help about IRS 5471
How to edit IRS 5471
How to fill out IRS 5471
Instructions and Help about IRS 5471
How to edit IRS 5471
Editing IRS Form 5471 can be done using tools that allow for easy input and modification of tax data. You can ensure that your entries are clear and concise, avoiding any potential errors that might lead to penalties. Utilizing pdfFiller can help streamline your editing process, making it easier to input accurate information before submission.
How to fill out IRS 5471
Filling out IRS Form 5471 requires a methodical approach to ensure all necessary information is accurately reported. You will need to provide personal identification details, information on your foreign corporation, and financial data relating to the entity. To fill out the form correctly, follow these steps:
01
Gather necessary documents, including financial statements and identification numbers.
02
Carefully read the instructions included with Form 5471.
03
Complete each section of the form, ensuring all required fields are filled in accurately.
04
Review the form for completeness and accuracy before submission.
About IRS 5 previous version
What is IRS 5471?
What is the purpose of this form?
Who needs the form?
When am I exempt from filling out this form?
Components of the form
What are the penalties for not issuing the form?
What information do you need when you file the form?
Is the form accompanied by other forms?
Where do I send the form?
About IRS 5 previous version
What is IRS 5471?
IRS Form 5471 is an information return that U.S. persons must file to report their ownership interest in foreign corporations. Designed to provide the IRS with detailed information about foreign entities, this form is critical for compliance with U.S. tax regulations regarding international income.
What is the purpose of this form?
The primary purpose of IRS Form 5471 is to disclose the financial activities and operations of foreign corporations owned by U.S. taxpayers. This transparency is essential for the IRS to prevent tax evasion and ensure that U.S. entities are reporting their foreign income correctly. The form helps track foreign assets and income, contributing to a clearer picture of U.S. taxpayers' global financial obligations.
Who needs the form?
U.S. citizens and residents who have control or ownership of certain foreign corporations must file Form 5471. It applies to various categories of filers, including those who own at least 10% of the foreign corporation or participate in specific transactions. Notably, individuals who acquire or dispose of shares in a foreign corporation may also be required to submit this form.
When am I exempt from filling out this form?
Exemptions from filing IRS Form 5471 apply under specific circumstances. For instance, if you do not meet the ownership threshold of 10%, or if the foreign corporation is classified as a passive foreign investment company (PFIC), you may not be required to file. Consult IRS guidelines to confirm your eligibility for exemptions based on your specific circumstances.
Components of the form
IRS Form 5471 consists of several parts, each designated for different types of information. Key components include details about the foreign corporation, financial statements, ownership structure, and transactions. Ensuring each section is completed accurately is crucial to comply with U.S. tax laws and avoid penalties.
What are the penalties for not issuing the form?
Failing to file IRS Form 5471 when required can result in substantial penalties. The IRS imposes specific fines that can start at $10,000 and increase based on the duration of the failure to file. Additionally, incorrect or incomplete filings may also lead to further penalties or increased auditing risks by the IRS.
What information do you need when you file the form?
When preparing to file IRS Form 5471, collect the necessary information, including your identification details, the foreign corporation's tax identification number, and financial statements detailing the corporation's asset, income, and equity information. This data is vital for providing a clear representation of your foreign corporation to the IRS.
Is the form accompanied by other forms?
IRS Form 5471 may be submitted alongside other forms, depending on your specific tax situation. For instance, if you are reporting foreign income, you might also need to include Form 8938 (Statement of Specified Foreign Financial Assets) or other related forms. Ensure you review your requirements thoroughly to avoid missing any necessary submissions.
Where do I send the form?
IRS Form 5471 is typically attached to your income tax return when filed. If you are sending it with a paper return, include it in the envelope with your primary tax forms. For electronic submissions, ensure it is correctly integrated within the e-filing system you are using. Follow current IRS guidelines for submission locations based on your filing method.
FAQ about IRS 5471
What should I do if I realize I've made a mistake on my filed form 5471?
If you've filed a form 5471 and notice an error, you can submit an amended return to correct it. It’s crucial to do this as soon as possible, as failure to file an accurate form can result in penalties. Be sure to clearly indicate the changes made to ensure accurate processing.
How can I verify the status of my form 5471 submission?
You can verify the status of your form 5471 submission by checking the IRS's online system, if you e-filed. If you mailed the form, consider following up with the IRS directly or checking the status through the confirmation received upon submission. Make sure to have your tracking number handy if applicable.
What are common mistakes to avoid when filing form 5471?
Common mistakes when filing form 5471 include inaccuracies in foreign financial account information and not properly including all required schedules. It's essential to double-check all entries and ensure that information aligns with supporting documentation to avoid rejection and penalties.
How do e-signatures work for form 5471 submissions?
E-signatures for form 5471 are generally accepted when e-filing, provided the software used meets IRS requirements. Ensure that the electronic filing system you use complies with the IRS standards to prevent delays in processing. Always keep records of your signed documents for your records.
What steps should I take if I receive an audit notice related to my form 5471?
If you receive an audit notice regarding your form 5471, start by reviewing the notice carefully to understand the issues raised. Gather all relevant documents and correspondence to support your case. Consider consulting a tax professional to help prepare your response and ensure that you address the concerns adequately.
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