FORM 5471

Form 5471: The Form 5471 is becoming an increasingly important form for any US taxpayers in the world with interest in a foreign corporation. The form is more complicated than some of the other IRS international tax reporting forms - not only because the form is longer than its FBAR or Form 8938 counterparts, but because it requires significantly more information from the filer. When coupled with the requirements involving GILTI (Global Intangible Low-Taxed Income) and Subpart F, the form can get very complicated for many taxpayers to complete - presuming they can even obtain the necessary information required to complete the form... In conclusion, the Form 5471 is an important international information reporting form. The form can be very complicated depending on what category of filer the taxpayer qualifies as, and due to the number of schedules, it can be a time-intensive and laborious undertaking. In recent years, the IRS has begun issuing automatic assessed penalties for the..

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