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How to prepare Form 5471

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What Is Form 5471

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irs form 5471 - FAQ

What are the tax obligations in starting an international company owned by aUS LLC/corporation? Does the company need to file form 5471 as individuals do?
Sure I can address. I am assuming US citizens own 100 of a LLC. And the LLChas elected tax corporation “LLCTC” for tax purposes Treasury RegulationSection 301.77013c. And the LLC members have decided to form a foreigncorporation “FC” in a particular country. So the LLC will own 100 of theshares of a FC operating from a particular foreign country.Here the LLCTC reports its taxable income by filing a 1120 corporate taxreturn Treasury Regulation Section 1.60122a. And the LLC does file anannual Treasury information report Form 5471. As Section 6038a1 requiresevery US person controlling a FC to file detailed information report. And a USperson does represent a LLCTC as noted in Section 7701a31. Note notfiling this report or filing an incomplete report means Treasury may access a10000 fine against the LLCTC Section 6038b.A couple other tax issues will service here which I will now detail. If theLLCTC members run the FC from a US office the FC will have tax reportingrequirements and paying requirements in the US Section 864c4B andSection 882a.Also the new global low taxed income “GILTI” reporting requirement apply fora FC operating from a foreign country Section 951Aa. And a 10000 fineapplies for not complying as noted in Proposed Treasury Regulation Section1.60385.Tax paying requirements exist for the LLTC for GILTI in the US if the FCforeign tax country does not charge at least a 13 18 tax rate adjusted for a10 return on net assets Section 951Ab.I can add a taxpayer has much more favorable tax results when a domesticcorporation or a LLCTC owns the shares as we see in this scenario above. If USindividuals own the FC shares directly GILTI tax applies at much higher ratesas the GILTI income goes on a personal return subject to higher tax ratesand the individual does not get a 50 tax deduction for GILTI Section250a1B. Planning point taxpayers may consider restructuring ownershipfor FC.I have completed the above tax analysis based on the scenario as presented. Ifthe situation changes the tax results may change. www.rst.tax
Which retail tax preparation package can handle IRS forms 8833 and 5471?
I would concur with Mark Ricotta and John G. Herndon on this. Forms 8833 and5471 are not going to be in any DIY tax software. You can complete the forms manually and file the return by paper but I would not suggest that you Dothan return without a professional help. DIY tax software is designed to handle the 80 of returns that are very basic with W2 dividend and interest income. Filing a return that involves disclosing a treaty position or ownership of a foreign corporation is way waylay outside the realm of DIY tax software.
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More info

Form5471Information Return of U.S. Persons With Respect to Certain Foreign Corporations(Rev. December 2021) Department of the Treasury Internal Revenue Service OMB No. 15450123to www.irs.gov/Form5471

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