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The rules for 5471 can be somewhat complicated, and you should determine whether or not you may fit in the category of individuals who have an obligation to file. The due date is April 15 for individuals and March 15 for corporations. Filing Requirements for Those with an Interest in Foreign Corporations sambrotman.com sambrotman.com
So as long as you earned income, there is no minimum to file taxes in California. It is a good idea to talk with a tax professional to determine your filing status and whether you are required to file or could benefit from doing so anyway.
If a taxpayer fails to timely file Form 5471, the IRS may assert a $10,000 penalty for each failure for each applicable annual accounting period, plus an additional $10,000 for each month the failure continues, beginning 90 days after the taxpayer is notified of the delinquency, up to a maximum of $60,000 per return ( Relief from Penalties for Late-Filed Form 5471 redpathcpas.com - redpathcpas.com -
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. About Form 5471, Information Return of U.S. Persons With Respect - IRS irs.gov irs.gov
Beneficial ownership reports If your company has registered a class of its equity securities under the Exchange Act, shareholders who acquire more than 5% of the outstanding shares of that class must file beneficial owner reports on Schedule 13D or 13G until their holdings drop below 5%.
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Certain U.S. citizens and U.S. residents who are officers, directors, or shareholders in certain foreign corporations (including specified foreign corporations (SFC) in IRC 965) are responsible for filing Form 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations.
A de minimis rule allows for the exclusion of all gross foreign-based company income (the second and third items above) and insurance income less than the lesser of 5 percent of gross income or $1 million.

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