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Hi I'm Andrew Mitchell today I'm going to talk a little bit about page one of forum 54 71 it's an information tax return required for certain foreign corporations for by US persons who own certain interests in foreign corporations it's an important form to file because if you fail to file the form and we're required to file the form you can be subject to a ten thousand dollar penalty or more so just starting off with right at the top the foreign corporations annual accounting period under Section eight ninety eight it's generally required to be the same as the u.s. majority owners for individuals that would be a calendar year there is an exception in the regulations under under proposed regulations under Section eight ninety eight that basically says if you've had no dividends to date and no subpart F income to date then you don't need to file the form fifty four seventy one using the same year-end as the US shareholders the the u.s. shareholder the US person filing the return is usually the u.s. owner of the count foreign company you would have the address of the u.s. owner listed here the u.s. owners identifying number if it's an individual it would be a social security number or an ITIN if it's corporation it would be an EIN category of filers can get kind of confusing category one filer has been repealed category two filer is generally for us persons who are officers or directors of foreign corporations that need they need to file but they only need to file in years that US persons either acquired a 10% or more interest in the foreign corporation or the US persons disposed of their full interest in the foreign corporation and that's basically category three filers so you generally only need to have a category two file or if you've got category three filers and category three filers as I just mentioned is people who have acquired a 10% or more interest or if you acquired say 10% and then you require another 10% you would have to file a second time but you don't as a category three filer you don't need file annually you only need to file in the year of the event category for filer is if you control a foreign corporation if you're a US person that controls a foreign corporation and control for that purpose can mean if you constructively control the foreign corporation it doesn't mean necessarily direct ownership in the foreign corporation it can mean if you have family members that also control the foreign corporation then you may be considered to control the foreign corporation category v filer is generally if you're a US person and you own at least ten percent of the foreign corporation voting stock that means that you're considered a quote US shareholder end quote and you own the shares for at least thirty days during the year and it was