{"id":192,"date":"2022-10-25T19:39:17","date_gmt":"2022-10-25T19:39:17","guid":{"rendered":"https:\/\/www.hrblock.com\/expat-tax-preparation\/resource-center\/?p=192"},"modified":"2025-03-24T16:51:00","modified_gmt":"2025-03-24T20:51:00","slug":"form-5471-basics-u-s-citizens-should-know","status":"publish","type":"post","link":"https:\/\/www.hrblock.com\/expat-tax-preparation\/resource-center\/forms\/form-5471-basics-u-s-citizens-should-know\/","title":{"rendered":"Form 5471: Basics U.S. Citizens Should Know"},"content":{"rendered":"\n<p>Do you share ownership in a foreign corporation? If you do, you know it\u2019s an exciting, rewarding experience, but that experience also comes with additional tax requirements. Form 5471 is one of those tax requirements and\u2014if you\u2019re not a seasoned tax pro\u2014can be one of the more complicated ones to understand.<\/p>\n\n\n\n<p>To help make tax season a little easier for you, below we broke down the basics of Form 5471, including:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Who needs to file and the qualifications<\/li>\n\n\n\n<li>Filing requirements<\/li>\n\n\n\n<li>Form 5471 schedules<\/li>\n\n\n\n<li>What happens if you don\u2019t file when you\u2019re supposed to<\/li>\n<\/ul>\n\n\n\n<p><strong>Already know you want help filing Form 5471?&nbsp;<a href=\"https:\/\/expat.hrblock.com\/s\/login\/SelfRegister\">Start your Tax Organizer<\/a>&nbsp;today and let us handle the hard part.<\/strong><\/p>\n\n\n\n<div class=\"wp-block-create-block-hrb-expat-ways-to-file\" class=\"wp-block-create-block-hrb-expat-ways-to-file\"><div class=\"wtf-column wtf-column--left\"><a href=\"https:\/\/expatonline.hrblock.com\/wizard\/introduction\/2021?sat_track=true\" target=\"_blank\" rel=\"noopener\" data-track=\"{'loc':'b', 'nm':'start file yourself'}\">File on my own<\/a><\/div><div class=\"wtf-column wtf-column--right\"><a href=\"https:\/\/expat.hrblock.com\/s\/login\/SelfRegister?sat_track=true\" target=\"_blank\" rel=\"noopener\" data-track=\"{'loc':'b', 'nm':'start file with an advisor'}\">File with an advisor<\/a><\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-form-5471\">What is Form 5471?<\/h2>\n\n\n\n<p><strong>Form 5471, officially called the Information Return of U.S. Persons with Respect to Certain Foreign Corporations, is an&nbsp;<a href=\"https:\/\/www.hrblock.com\/tax-center\/irs\/audits-and-tax-notices\/tax-dictionary-information-statement-information-returns\/\" target=\"_blank\" rel=\"noreferrer noopener\">Information Statement (Information Return)<\/a>&nbsp;(as opposed to a tax return) for certain U.S. taxpayers with an interest in certain foreign corporations.<\/strong><\/p>\n\n\n\n<p><strong>The purpose of it isn\u2019t to file tax information, but rather so the IRS has a record of which U.S. citizens and residents have ownership in foreign corporations.<\/strong>&nbsp;The IRS wants to prevent people from hiding overseas assets and being aware of who owns what and in which countries helps it do that. Form 5471 is somewhat similar to&nbsp;<a href=\"https:\/\/www.hrblock.com\/expat-tax-preparation\/resource-center\/forms\/form-1120-f-for-foreign-corporations-doing-business-in-the-u-s\/\">Form 1120<\/a>&nbsp;(a U.S. corporate income tax return) and requires a lot of the same information and disclosures. Because this form is an informational form, it most likely doesn\u2019t affect how much you have to pay in taxes\u2014unless you fail to file, in which case you\u2019ll have to pay a penalty. There are exceptions to this norm\u2014for example, if you are a shareholder of a Controlled Foreign Corporation (CFC) Form 5471may affect your income in the form of the GILTI tax (Global Intangible Low-Taxed Income).<\/p>\n\n\n\n<p><strong>Reporting requirements may be as simple as what percentage of stock the taxpayer owns and company information, to reporting the corporation\u2019s entire income from financial statements and balance sheets.<\/strong>&nbsp;That\u2019s why we always recommend you seek the advice of a seasoned&nbsp;<a href=\"https:\/\/www.hrblock.com\/expat-tax-preparation\/expat-tax-preparation-and-services\/\">Expat Tax Advisor<\/a>&nbsp;to guide you through the process and help you make sure you\u2019ve filed everything you need to avoid a penalty.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-who-files-form-5471\">Who files Form 5471?<\/h3>\n\n\n\n<p>Any U.S. citizen, corporation, partnership, trust, or estate who has at least 10% ownership in a foreign corporation, needs to file Form 5471.<\/p>\n\n\n\n<p>If you aren\u2019t sure if you qualify, you can see detailed qualifications of who is liable on pages 1-3 of the&nbsp;<a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/i5471.pdf\">instructions for Form 5471<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-is-a-controlled-foreign-corporation\">What is a Controlled Foreign Corporation?<\/h3>\n\n\n\n<p>A&nbsp;<a href=\"https:\/\/www.hrblock.com\/expat-tax-preparation\/resource-center\/filing\/controlled-foreign-corporations-cfcs\/\">Controlled Foreign Corporation<\/a>&nbsp;is a foreign corporation where U.S. shareholders hold more than 50% stock ownership. The IRS defines a foreign corporation as being U.S. controlled if:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;more than 50% of the total combined voting power of all classes of stock of such corporation entitled to vote, or more than 50% of the value of all its outstanding stock, is owned (directly, indirectly, or constructively) by U.S. shareholders on any day during the foreign corporation\u2019s tax year.&#8221;<\/p>\n<\/blockquote>\n\n\n\n<p>If this applies to you, you might also be liable for the GILTI tax.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-is-the-difference-between-form-5471-and-form-5472\">What is the difference between Form 5471 and Form 5472?<\/h3>\n\n\n\n<p>The main difference between Form 5471 and&nbsp;<a href=\"https:\/\/www.hrblock.com\/expat-tax-preparation\/resource-center\/forms\/form-5472-information-return-of-a-25-foreign-owned-u-s-corporation-or-a-foreign-corporation-engaged-in-a-u-s-trade-or-business\/\">Form 5472<\/a>&nbsp;is that Form 5471 is filed by a U.S. taxpayer while Form 5472 is filed by any foreign corporation engaged in a U.S. trade or business or a U.S. corporation that is 25% foreign-owned.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-form-5471-schedules-to-know\">Form 5471 schedules to know<\/h2>\n\n\n\n<p>Within Form 5471 are 12 schedules you may or may not need to fill out. They are:<\/p>\n\n\n\n<p>The Form 5471 schedules are:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Form 5471 Schedule A \u2013 Stock of the Foreign Corporation<\/li>\n\n\n\n<li>Form 5471 Schedule B \u2013 U.S. Shareholders of Foreign Corporations<\/li>\n\n\n\n<li>Form 5471 Schedule C \u2013 Income Statement<\/li>\n\n\n\n<li>Form 5471 Schedule E &#8211; Income, War Profits, and Excess Profits Taxes Paid or Accrued<\/li>\n\n\n\n<li>Form 5471 Schedule F \u2013 Balance Sheet<\/li>\n\n\n\n<li>Form 5471 Schedule G \u2013 Other information<\/li>\n\n\n\n<li>Form 5471 Schedule H \u2013 Current earnings and profits<\/li>\n\n\n\n<li>Form 5471 Schedule I \u2013 Summary of Shareholder\u2019s Income from Foreign Corporation<\/li>\n\n\n\n<li>Form 5471 Schedule J \u2013 Accumulated earnings and profits of Controlled Foreign Corporations<\/li>\n\n\n\n<li>Form 5471 Schedule M \u2013 Transactions between controlled foreign corporation and shareholders or other related persons<\/li>\n\n\n\n<li>Form 5471 Schedule O \u2013 Organization or reorganization of foreign corporation, and acquisitions and dispositions of its stock (Part I to be completed by U.S. officers and directors, Part II to be completed by U.S. shareholders)<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-fines-and-penalties-for-not-filing-form-5471\">Fines and penalties for not filing Form 5471<\/h2>\n\n\n\n<p>What happens if you\u2019re supposed to file Form 5471 and you don\u2019t? If you meet the requirements and don\u2019t file, you may be hit with a $10,000 penalty for each annual accounting period of the foreign corporation. If you get a notice from the IRS and you don\u2019t file within 90 days, you could have to pay a maximum of $50,000.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-need-help-filing-form-5471-and-its-schedules-trust-the-experts-at-h-amp-r-block\">Need Help Filing Form 5471 and its schedules? Trust the Experts at H&amp;R Block<\/h2>\n\n\n\n<p>Seem daunting? Don\u2019t worry! We understand you have a lot on your plate, and we\u2019re here to help. Our Tax Advisors are experts and will guide you through the entire process when you file your tax return.&nbsp;<a href=\"https:\/\/expat.hrblock.com\/s\/login\/SelfRegister\">Start filing your expat taxes today<\/a>&nbsp;and make your tax season better with Block!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you\u2019re a U.S. citizen and you have ownership in a foreign corporation, you probably need to file Form 5471. Learn the basics, including who has to file and how to do it, with H&#038;R Block.<\/p>\n","protected":false},"author":3,"featured_media":193,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[18],"tags":[],"class_list":["post-192","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forms"],"acf":[],"yoast_head":"<title>Form 5471 | H&amp;R Block\u00ae<\/title>\n<meta name=\"description\" content=\"If you\u2019re a U.S. citizen and you have ownership in a foreign corporation, you probably need to file Form 5471. 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