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form 5471

Part III, Form 5471: Common Tax Issues Faced by U.S. People Living Abroad

September 29, 2016

In the overview of the series, we advised that in addition to filing income tax returns, U.S. citizens residing outside the U.S. need to file various reports in respect of foreign holdings. Failure to file these reports can result in onerous penalties. In part III of the series, we will discuss the requirements to file the...

Canada Us Tax corporate small business

Form 5471 – Do you have an interest in a non-US company? You may have to file

September 7, 2013

Form 5471 is used by the IRS to track investment of US persons in foreign companies, and ensure that US tax obligations are met, when required. Unfortunately, if you are a US person with business interests in a foreign country, this may apply to you. The following paragraphs provide a brief summary to this complex...