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

IRS Form 5471 Schedule O Organization or Reorganization of Foreign Corporation, and Acquisitions and Dispositions of Its Stock

This document contains official instructions for IRS Form 5471 , Information Return of U.S. Persons With Respect to Certain Foreign Corporations - a tax form released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury. An up-to-date fillable IRS Form 5471 Schedule O is available for download through this link.

FAQ

Q: What is IRS Form 5471?
A: IRS Form 5471 is an information return that U.S. persons with ownership in certain foreign corporations must file.

Q: Who needs to file IRS Form 5471?
A: U.S. persons who meet certain ownership or control requirements with respect to a foreign corporation need to file IRS Form 5471.

Q: What information is required on IRS Form 5471?
A: IRS Form 5471 requires information about the foreign corporation's financial and ownership details, as well as information about the U.S. person's relationship to the corporation.

Q: When is IRS Form 5471 due?
A: IRS Form 5471 is generally due on the same date as the taxpayer's income tax return, including extensions.

Q: What happens if I don't file IRS Form 5471?
A: Failure to file IRS Form 5471 or filing an incomplete or inaccurate form may result in penalties.

Q: Can I e-file IRS Form 5471?
A: No, IRS Form 5471 cannot be e-filed and must be filed on paper.

Q: Are there any exceptions or exemptions to filing IRS Form 5471?
A: There are certain exceptions and exemptions available, such as the "de minimis" exception for certain U.S. persons with minimal ownership in foreign corporations.

Q: Can I get an extension to file IRS Form 5471?
A: Yes, taxpayers can request an extension to file IRS Form 5471, but it must be done before the original due date of the form.