Form 5471

Information Return of U.S. Persons with Respect to Certain Foreign Corporations

U.S. citizens and residents who are officers, directors, or shareholders in certain foreign corporations are required to file tax form 5471 and schedules to satisfy the reporting requirements, which can include transactions between foreign corporations and U.S. persons. There are four major categories for filing IRS form 5471, and each category has its own requirements and schedules that must be attached. Reporting requirements may be as simple as what percentage of stock the taxpayer owns and company information, to reporting the corporation’s entire income from financial statements and balance sheets.