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Form 5471 Bend Oregon: What You Should Know
To help your accountant understand Form 5471 and its requirements you should: Understand the purpose of Form 5471 Provide all the required information to support your statements to the IRS. For the U.S. Citizen / Nonresident alien For the Employee / Independent Contractor / Sole Proprietor / Beneficiary Of A U.S. Person Other Than A U.S. Citizen / Nonresident Alien U.S. citizen or nonresident alien filing Form 5471, the employee or independent contractor / sole proprietor or beneficiary of a U.S. employer, must attach a completed Form 5471 to the return. Form 5471: General Information U.S. Citizens, Nonresident Aliens, and Foreign Persons Form 5471 must be completed by a U.S. taxpayer, foreign corporation, or other foreign entity. All individuals and organizations filing with a U.S. address or filing with a foreign address must complete Form 5471 to establish that you are a U.S. taxpayer. Please note the requirement of a U.S. taxpayer to file Form 5471 and the fact that you must specify if you are a U.S. person under U.S. tax law or a nonresident alien. Foreign persons must be taxed based on their residence in a foreign country. An employee who resides primarily in the United States is a foreign person even if the employee is not considered a U.S. taxpayer and has an address outside the U.S. Form 5471: Special Rules for the Foreign Corporation Form 5471 includes specific information on the account status of a foreign corporation or other foreign entity that meets the definition of “foreign person.” The following apply: If the U.S. corporation is a U.S. corporation and has more than 10% ownership of the entity that holds the assets under contract, the U.S. corporation cannot use Form 5471. If the U.S. corporation is a U.S. person who has more than 10% ownership, the U.S. person can use Form 5471. If the U.S. person is a nonresident alien and has more than 10% ownership, the nonresident alien can use Form 5471. Nonresident aliens must report the same information that a U.S. person has to report on Form 5329.
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