IRS Form 5471 Information Return of U.S. Persons With Respect to Certain Foreign Corporations

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Instructions for IRS Form 5471 Information Return of U.S. Persons With Respect to Certain Foreign Corporations

What Is IRS Form 5471?

This is a tax form that was released by the Internal Revenue Service (IRS) - a subdivision of the U.S. Department of the Treasury on December 1, 2018. Check the official IRS-issued instructions before completing and submitting the form.

FAQ

Q: What is IRS Form 5471?
A: IRS Form 5471 is an Information Return of U.S. Persons With Respect to Certain Foreign Corporations.

Q: Who needs to file IRS Form 5471?
A: U.S. persons, including individuals, corporations, partnerships, and trusts, who are officers, directors, or shareholders in certain foreign corporations need to file IRS Form 5471.

Q: What information does IRS Form 5471 require?
A: IRS Form 5471 requires information about the foreign corporation, its shareholders, and any transactions between the corporation and U.S. persons.

Q: When is IRS Form 5471 due?
A: The due date for IRS Form 5471 varies depending on the taxpayer's filing status and other factors. It is generally due with the taxpayer's annual income tax return.

Q: What are the consequences of not filing IRS Form 5471?
A: Failure to file IRS Form 5471 can result in significant penalties, including monetary fines and potential criminal prosecution.

Q: Can I file IRS Form 5471 electronically?
A: No, as of now, IRS Form 5471 cannot be filed electronically. It must be filed on paper and attached to the taxpayer's annual income tax return.