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Overview of the Revised Form 5471 - IRS Video Portal

Overview of the Revised Form 5471 - IRS Video Portal-2025

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The document provides detailed instructions for Form 5471, which is used by U.S. persons to report information regarding certain foreign corporations they are involved with. It outlines the purpose of the form, who must file it, when and where to file, categories of filers, additional filing requirements, penalties for non-compliance, and specific instructions for various schedules associated with the form. The document also includes updates on changes made in recent revisions and emphasizes the importance of accurate reporting to comply with U.S. tax laws.

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How long does it take to complete the 5471 form?

You must file Form 5471 with your tax return. For individual US taxpayers, it is attached to Form 1040 and filed as part of the annual tax return. Setting expectations: The IRS estimates it should take around 38 hours to complete Form 5471.

What is the purpose of the 5471 form?

Form 5471 is an information return rather than a tax return, which means it typically doesnt affect how much tax you have to pay. Rather, it gives the IRS information about which U.S. persons have stakes in a foreign corporation. This helps prevent taxpayers from hiding funds overseas.

What is form 5471 separate Schedule E?

Form 5471 Schedule E is required in order to report taxes paid, accrued, or deemed. In other words, the purpose of Form 5471 schedule E is to ensure that foreign tax credits are being applied properly or correctly.

How much does it cost to file a 5471?

Should a US corporation with net operating losses still be concerned? FormDescriptionPrice Form 5471 Base price $625 Additional Schedule I and Schedule P for reporting on behalf of another U.S. Shareholder: combined $150 Sec 965 Transition tax $500 GILTI tax reduction analysis (Sec 962 more) $65011 more rows

How to avoid filing form 5471?

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.

Can you amend 5471?

ing to the Form 547 1 instructions, a person who previously filed an Form 547 1 but mistakenly provided incomplete or inaccurate information on the form can file an amended Form 547 1 .

Overview of the Revised Form 5471 - IRS Video Portal-2025

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