Form 5471 is the information return U.S. persons file to report their ties to certain foreign corporations.
Conveniently, you can easily complete our fillable Form 5471 right there on your device and get your finished copy in minutes, with no printing or handwriting required.
IRS Form 5471 is used to report information about certain foreign corporations to the IRS. U.S. persons who are officers, directors, or shareholders use it, along with its schedules, to meet the reporting requirements of sections 6038 and 6046 of the Internal Revenue Code.
Form 5471 should be used by U.S. persons who fall into one of the IRS filer categories, such as certain officers and directors, certain U.S. shareholders of a controlled foreign corporation, or U.S. persons who own more than 50% of a foreign corporation’s voting power or stock value, subject to applicable filing exceptions.
Form 5471 is due with the income tax return it's attached to, including extensions. For most individuals, that means April 15, or October 15 with an extension. Partnerships and corporations follow the due date of their own returns.
If you fail to submit Form 5471, you may face a $10,000 penalty per foreign corporation per annual accounting period or per reportable transaction, depending on the reporting requirement.
Also, Form 5471 penalties increase by $10,000 for each 30-day period or part thereof after 90 days from an IRS notice, up to $50,000 in additional penalties. Foreign tax credits may also be reduced, and criminal penalties can apply.
You file Form 5471 by attaching it to your income tax return and submitting both by the return's due date. It has no standalone filing address: you can mail it with the return or e-file it with the return if your tax software supports it.
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3You can get a blank Form 5471 by accessing it in our editor online or by downloading it as a PDF and completing it manually, if you prefer. The process takes minutes: open the form, fill it out by entering your details in the blanks, and save it whenever you're ready.
Yes, you can submit Form 5471 electronically with your income tax return if your tax software supports it. It must be included with the applicable return and cannot be e-filed on its own.
If your Form 5471 is missing required information, the failure-to-file penalties can apply, so complete every schedule that applies to you. Even when all amounts are zero, the IRS says to file the schedule with zero amounts. Besides the instructions, you can also check out a full Form 5471 example for help.
Yes, you can fill out Form 5471 online in our editor. Open the form, type into the fields, and download the completed version as a PDF. There is nothing to install, and no need to print the form first!
Yes, Form 5471 itself is free to complete, but it isn’t free to download the final version of your document. You need to have a paid subscription plan to do so.
Yes, you can correct mistakes on Form 5471 by filing a corrected form with an amended tax return. You should enter "Corrected" at the top of the form and attach a statement identifying the changes you made.
The IRS does not specify a separate processing timeframe for Form 5471 in its instructions. It is filed with your tax return, so processing time depends on the accompanying return. You can use our editor to enter your information and download the completed form.