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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 with respect to certain foreign corporations. 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 lists principal business activity codes relevant to the reporting requirements.

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Versions	Form popularity	Fillable & printable
2023	4.5 Satisfied (60 Votes)
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What are common mistakes when filing form 5471?

Common mistakes founders make with Form 5471 Filing the wrong scheduleseach filer category has its own required schedules, and missing one can lead to penalties. Incomplete or inaccurate financial datathe IRS expects detailed and accurate records, and estimates are not acceptable.

What is the purpose of IRS form 5471?

Purpose of Form Form 5471 is used by certain U.S. persons who are officers, directors, or shareholders in certain foreign corporations. The form and schedules are used to satisfy the reporting requirements of sections 6038 and 6046, and the related regulations.

How does the IRS use the information reported on form 5471?

Form 5471 serves a dual purpose: Monitoring U.S. taxpayers with overseas interests to safeguard against tax avoidance via foreign income. Ensuring compliance with Subpart F income rules and Global Intangible Low-Taxed Income (GILTI) provisions brought forth by the Tax Cuts and Jobs Act (TCJA).

Can form 5471 be filed electronically?

At this time, we only support the creation and electronic filing of five copies of Form 5471. If the return requires more than five copies of the form, the only option is to manually complete the additional copies and attach them to the return. In this case, you must paper file the return.

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