Form 5471 Guide: Filing Requirements & CFC Reporting
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Form 5471 Frequently Asked Questions
Who needs to file Form 5471?
US persons who own 10% or more of a foreign corporation's stock, or meet certain control thresholds, must file Form 5471 to report their ownership and the corporation's activities.
What information does Form 5471 require?
The form requires detailed information about the foreign corporation's financials, ownership structure, income, assets, and any transactions with US shareholders.
What are the penalties for not filing Form 5471?
Failure to file can result in penalties of $10,000 per form, with additional fines for continued non-compliance. Criminal penalties may apply in severe cases.