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Cambridge Massachusetts online Form 5471: What You Should Know

Taxes are collected from property owners to fund the city's services. Taxpayers can elect to have the city send the tax amount to a bank account or pay the tax directly to the city. All property owners must vote for the city's budget for their taxes.  What is special about Form 5471? Form 5471 is the only form that is used to change residency of an individual and thus change your eligibility for the earned income tax credit. Form 5471 may be used by both U.S. and foreign persons. An individual must be a resident to claim the ETC. U.S. persons can use Form 5471 to reclassify a spouse to a permanent resident.  What is the deadline to file Form 5471? The deadline to file Form 5471 is September 30, 2024 (5-3-2018).  What if I don't file the Form 5471 within the deadline? If the individual is not a U.S. citizen, alien, bona fide resident, or U.S. national living abroad, the individual's filing status will be deemed not to be “resident” for federal purposes. The individual must file a new Form 5471 that includes a correction if the initial Form 5471 does not include an adjustment for the foreign residence.  If the Form 5471 is not filed, the individual will be considered a resident of the U.S., and will not receive the ETC. Any unused portion of the credit will be considered taxable income and should be reported on Form 1040 in box 23 of the taxpayer's return. What is the penalty if I have an erroneous filing of the Form 5471? Penalties apply to both individuals and non-individuals. An error on a form means that you don't have enough information. An error is a failure to report an amount that will be included in income as income. You must report a reasonable error on the form. The penalty depends on whether the person responsible made an intentional or negligent error. If the person responsible erred only by mistake, there is no penalty. If the individual involved intentionally made the error, then the penalty is 50 on Schedule A, Enter Code (Form 1040), line 21; 75 on Schedule B, Enter Code (Form 1040), line 22; and 100 on Schedule B, Enter Code (Form 1040), line 28.

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