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, 2019. 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 that U.S. persons need to file if they have certain financial interests in foreign corporations.

Q: Who needs to file IRS Form 5471?A: U.S. persons who own or have a controlling interest in a foreign corporation generally need to file IRS Form 5471.

Q: What is the purpose of filing IRS Form 5471?A: The purpose of filing IRS Form 5471 is to provide the IRS with information about a U.S. person's ownership in a foreign corporation.

Q: When is the deadline for filing IRS Form 5471?A: The deadline for filing IRS Form 5471 is generally the same as the taxpayer's income tax return filing deadline, including extensions.

Q: What information is required to be reported on IRS Form 5471?A: IRS Form 5471 requires the reporting of various information about the foreign corporation, such as its income, assets, and transactions with related parties.

Q: Are there any penalties for not filing IRS Form 5471?A: Yes, there are penalties for not filing IRS Form 5471 or for filing a late or incomplete form. The specific penalties depend on the circumstances.

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