Form 5471 Filing Requirement

U.S. citizens who are officers, directors, or owners of certain foreign corporations or limited liability companies are generally required to file Form 5471 Information Return of U.S. Persons With Respect to Certain Foreign Corporations.  Form 5471 should be attached to the taxpayer’s income tax return.

While there are penalties for failure to report, Form 5471 may be filed late without penalty provided that the taxpayer has otherwise reported, and paid tax on, all their taxable income with respect to all transactions related to the foreign entity.  In the event of a late filing, the Form 5471 should be filed at the location where the taxpayer’s income tax returns are filed along with (i) a statement explaining why the information return is being filed late and (ii) an amended return showing no change to income or tax liability.

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