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SCHEDULE I1 (Form 5471)Information for Global Intangible Located Income OMB No. 15450123(Rev. December 2021) Department of the Treasury Internal Revenue ServiceAttach to Form 5471. Go to www.irs.gov/Form5471

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. Begin by obtaining the necessary form. You can download Schedule I-1 Form 5471 from the official website of the Internal Revenue Service (IRS).
3. Gather all the required information and documentation, including your personal and company details, financial statements, ownership information, and any applicable tax treaties.
4. Start by filling out Part I of the form, which requires information about the filer, the foreign corporation, and its activities.
5. Move on to Part II, where you need to provide details about the transaction, entity classification, and the filing history of the foreign corporation.
6. Continue to Part III, which requires information regarding the filer's income statement, balance sheet, and tax reconciliations.
7. Once you have completed all the necessary sections, review the form for accuracy and completeness.
8. Attach any supporting documents or schedules that may be required, such as the financial statements of the foreign corporation.
9. Sign and date the form.
10. Make a copy of the completed Schedule I-1 Form 5471 for your records.
11. Submit the original form and any required attachments to the IRS as instructed on the form or by following the official guidelines on the IRS website.

Who needs schedule i-1 form 5471?

1. Schedule I-1 Form 5471 is required for individuals who meet one or more of the following conditions:
2. - U.S. citizens or residents who are officers, directors, or shareholders in certain foreign corporations.
3. - U.S. persons who own at least 10% of the total voting power of a foreign corporation.
4. - U.S. persons who acquire or dispose of stock in a foreign corporation resulting in a 10% or more change in ownership.
5. - U.S. persons who control a foreign corporation for an uninterrupted period of at least 30 days during the tax year.
6. It is essential to consult with a tax professional or refer to the official IRS guidelines to determine whether you specifically need to fill out Schedule I-1 Form 5471.

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What is schedule i-1 form 5471?

Schedule I-1 form 5471 is used to provide additional information about the foreign corporation or foreign partnership in which the U.S. person holds an ownership interest.

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

U.S. persons who meet certain ownership thresholds in a foreign corporation or foreign partnership are required to file schedule I-1 form 5471.

How to fill out schedule i-1 form 5471?

Schedule I-1 form 5471 must be completed with detailed information about the foreign corporation or foreign partnership, including income statement, balance sheet, and other relevant financial details.

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

The purpose of schedule I-1 form 5471 is to ensure that U.S. persons with ownership interests in foreign corporations or partnerships report their financial information accurately to the IRS.

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

Information such as income statement, balance sheet, financial details, and other relevant information about the foreign corporation or partnership must be reported on schedule I-1 form 5471.