Form 5471 (Information Return of US Persons With Respect to Certain Foreign Corporations)
An informational return required of US persons who own or control foreign corporations, with significant penalties for failure to file.
Detailed Explanation
Form 5471 is filed by US shareholders of Controlled Foreign Corporations (CFCs) and certain other foreign corporations. Five filing categories trigger different schedules and disclosures, including reporting of GILTI, Subpart F income, transactions with related parties, and foreign income tax paid. Penalties for failure to file start at $10,000 per form, per year. Many late filers qualify for first-time penalty abatement or Streamlined Filing Compliance Procedures relief.
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Learn about International TaxationRelated Terms
GILTI (Global Intangible Low-Taxed Income)
A US tax on foreign income earned by Controlled Foreign Corporations in excess of a deemed routine return on tangible assets.
Subpart F Income
Certain types of foreign income earned by Controlled Foreign Corporations that are taxed currently to US shareholders, regardless of distribution.
IRS Streamlined Filing Compliance Procedures
An IRS amnesty program for non-willful US taxpayers who failed to report foreign financial accounts and assets, allowing catch-up filing without standard penalties.
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