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One example that would trigger an obligation to file a Form 5471 is if a corporation has had more than a 10 percent change in ownership. However, there are categories which apply to officers of a corporation as well so you may want to look further to determine whether your particular circumstances require you to file.
What is the difference between Form 5471 and Form 5472? While Form 5471 is filed by a US taxpayer, Form 5472 is filed by any foreign corporation engaged in US trade, business, or corporation that is 25% foreign owned.
U.S. citizens and residents who are officers, directors or shareholders in certain foreign corporations must file Form 5471 as part of their expat tax return. This form is officially called the Information Return of U.S. Persons with Respect to Certain Foreign Corporations.
Form 5471 is a complex form that keeps tabs on which US citizens and residents own a foreign corporation. Depending on how much the company is owned by US shareholders, it can either be an informational form or result in potential GILTI taxation.
Lets take a look at a few common ways a taxpayer may be able to minimize Form 5471 Filing: Dormant Corporation. When a foreign corporation is dormant, then there are much more limited requirements for filing and reporting. Multiple Filers, Same Information. Certain Constructive Owners.
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Schedule I-1 (Form 5471), Information for Global Intangible Low-Taxed Income. Foreign corporations that file Form 5471 use this schedule to report information determined at the CFC level with respect to amounts used in the determination of income inclusions by U.S. shareholders.
Form 8865 is a counterpart to Form 5471. While Form 5471 is used to report foreign corporations, Form 8865 is used to report foreign partnerships.

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