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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 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).


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