This version of the form is not currently in use and is provided for reference only. Download this version of Instructions for IRS Form 5471 for the current year.
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.
Q: What is IRS Form 5471?A: IRS Form 5471 is an information return that must be filed by U.S. persons who are shareholders of certain foreign corporations.
Q: Who is required to file IRS Form 5471?A: U.S. persons who own at least 10% of the voting stock or value of a foreign corporation are generally required to file Form 5471.
Q: What information is reported on IRS Form 5471?A: Form 5471 requires the reporting of various information about the foreign corporation, its shareholders, and certain transactions between the corporation and the U.S. person.
Q: When is IRS Form 5471 due?A: Form 5471 is generally due on the same date as the taxpayer's income tax return, including extensions.
Q: What are the penalties for not filing IRS Form 5471?A: Penalties for failing to file Form 5471 can be significant, starting at $10,000 per filing and increasing for continued non-compliance.
Q: Are there any exceptions to filing IRS Form 5471?A: There are certain exceptions to filing Form 5471, such as when the foreign corporation is not a Controlled Foreign Corporation (CFC) or when certain threshold requirements are not met.
Q: Can IRS Form 5471 be e-filed?A: No, IRS Form 5471 cannot be e-filed and must be filed in paper format, attached to the taxpayer's income tax return.
Instruction Details:
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