Form 5471

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Form 5471

A form that an individual files with the IRS if he/she is a director, officer, or major shareholder in a foreign corporation. The form reports information on the filer as well as potentially taxable transactions between the filer and the company.
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We spend approximately seven months of the year gathering the necessary data, reviewing it, asking the units questions, and then actually computing E&P adjustments and preparing the 5471 forms.