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FAQ

What is the penalty for failure to file Schedule O of form 5471?
Failure to timely file a Form 5471 or Form 8865 is generally subject to a $10,000 penalty per information return, plus an additional $10,000 for each month the failure continues, beginning 90 days after the IRS notifies the taxpayer of the failure, up to a maximum of $60,000 per return.
Do I have to file a 5471?
Any U.S. citizen, corporation, partnership, trust, or estate who has at least 10% ownership in a foreign corporation, needs to file Form 5471. If you aren't sure if you qualify, you can see detailed qualifications of who is liable on pages 1-3 of the instructions for Form 5471.
What is reported on form 5471?
U.S. citizens and residents who are officers, directors or shareholders in certain foreign corporations must file Form 5471 as part of their expat tax return. This form is officially called the Information Return of U.S. Persons with Respect to Certain Foreign Corporations.
Does form 5471 have to be filed every year?
To put it simply, any US citizen, corporation, partnership, trust, or estate who has at least 10% ownership of a foreign corporation, is generally required to file Form 5471 at least once, any many have to file Form 5471 every year.
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