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Frequently Asked Questions

When do you need to file Form 5471?

The Form 5471 must be filed with and by the income tax return due date of the shareholder (including extensions). For most corporations, that would March 15th or the extended due date. For most individuals, that would be April 15th or the extended due date.

Who must file Form 5471?

U.S. citizens who are officers, directors, or shareholders in certain foreign corporations must file IRS Form 5471 and attach it to their income tax return. Failure to file Form 5471 and filing an incomplete or incorrect form may result in a penalty of $10,000, unless the failure is due to reasonable cause.

Who needs to file Form 5471?

U.S. citizens must file Form 5471 if they acquire stock in a foreign corporation which meets the stock ownership requirement (Category 3). A U.S. citizen who is an officer or director of a foreign corporation in which a U.S. person has acquired stock which meets the stock ownership requirement is also required to file the form (Category 2).

When is Form 5471 required?

Form 5471 is required to be filed in the following situations: U.S. person is a 10% or more shareholder in a foreign corporation that is a “controlled foreign corporation” for an uninterrupted period of at least 30 days in a year and that person owns that stock on the last day of the year.

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