Form 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations
Form 5471 is the information return U.S. citizens and residents file when they are officers, directors, or shareholders of certain foreign corporations. Fill in the official IRS PDF online and download it to attach to your return.
This is the genuine IRS PDF, unmodified. Source: IRS official page.
What is 5471?
Form 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations, satisfies the reporting requirements of sections 6038 and 6046. Filers fall into numbered categories based on their relationship to the foreign corporation, and each category determines which parts and schedules must be completed.
The form and its separate schedules capture the foreign corporation’s income statement, balance sheet, earnings and profits, transactions with related parties, and shareholder-level items such as subpart F income and GILTI. Penalties for not filing a required Form 5471 can be significant, so filers with any ownership in a foreign corporation should review the category rules carefully.
Who files 5471?
- U.S. shareholders of controlled foreign corporations, generally those owning 10 percent or more
- U.S. citizens or residents who are officers or directors of a foreign corporation in which a U.S. person acquires significant stock
- U.S. persons who acquire, dispose of, or hold stock that puts them into one of the filer categories in the instructions
- U.S. persons who had control of a foreign corporation for an uninterrupted period during the year
How to fill out 5471
- Determine your filer category or categories using the current instructions, since this controls which schedules you must complete.
- Fill in the identifying information for yourself and the foreign corporation, including country of incorporation and functional currency.
- Complete the required schedules, such as the income statement, balance sheet, and earnings and profits sections, translating amounts as the instructions direct.
- Attach any separate schedules your category requires, such as Schedule J, M, O, P, or Q.
- Download the completed PDF and attach it to your income tax return by that return’s due date, including extensions.
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Frequently asked questions
When is Form 5471 due?
It is attached to your income tax return and is due when that return is due, including extensions. There is no separate filing deadline for the form itself.
What happens if I skip a required Form 5471?
Failing to file a required Form 5471 can trigger substantial penalties per form per year, and additional penalties can accrue if the failure continues after IRS notice. It can also keep the statute of limitations open on your return, so it is worth resolving missed filings with a professional.
Do I need to complete every schedule?
No. The schedules you complete depend on your filer category. The instructions include a chart that maps each category to its required schedules, and many filers only need a subset of the form.