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Frequently Asked Questions

When to file Form 5471?

When to File. Form 5471 should be attached to your income tax return if filing as an individual, or with your corporate tax return if filing as a corporation. The corresponding due dates of each type of filing apply as well. For example, Form 5471 is due by March 15th or the extended due date if filed by a corporation.

When do you need to file 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 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.

Do I need to file tax Form 5471?

Certain U.S. persons, who are officers, directors, or shareholders in certain foreign corporations are required to file Form 5471. On its face, Form 5471 is similar to a U.S. corporate income tax return (Form 1120) but for foreign corporations and requires reporting of much of the same information, such as an income statement and balance sheet.


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