Form 5471

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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Some partnerships also must file additional returns, such as Form 5471, "Information Return of U.
The revenue officer will mail Letter 1153(DO) and Form 5471, Proposed Assessment of Trust Fund Recovery Penalty, to the individuals determined to be liable for the TFRP.
Flume also contested his need to file Form 5471 for his ownership of Wilshire-Belize, asserting that the amended articles reducing his ownership percentage relieved him of his reporting obligation.
If the taxpayer has control over a foreign entity-either incorporated or unincorporated-additional reporting requirements apply: Form 5471 for officers, directors, or shareholders in certain foreign corporations and Form 8865 for certain partners of foreign partnerships (IRC [section]6038 and [section]6046).
Along with these forms, US citizens must file Form 5471 if they own 10 percent or more of a foreign corporation and Form 926 to report capital contributions to foreign corporations.
Mitchel often hears from distressed Americans who learn all this after the fact, and who must now file IRS Form 5471 along with intrusive requirements for financial statements, disclosures and the risk of $10,000 penalties that can be applied not simply for failure to file but for inadequately filing.
corporation is required by Internal Revenue Service regulations to submit a Form 5471 for any Controlled Foreign Corporation (CFC) with an accounting period ending with or within the U.
If international activities are conducted, either directly or through a partnership or joint venture, have the appropriate international filings occurred, including Form 5471 for ownership of a foreign entry and Form 926 for contributions of capital to a foreign entity?
Meanwhile, the SAC would issue the cell owner a Form 5471 (Information Return of U.
At Johnson & Johnson, for example, the number of legal entities that require a Form 5471 historically represented approximately 75 percent of the paper in the company's total return.
If Line 3 on Form 2848, Power of Attorney and Declaration of Representative, lists an income tax return to which an International Information Return (IIR) must be attached, such as Form 5471, Information Return of U.
It will also allow the taxpayer additional time in which to process more accurate data and include forms, such as Form 5471, Information Return of U.