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Form 5471 Escondido California: What You Should Know

S. Taxpayers are asked to file once in order to report certain information about their foreign corporations. Form 5471, International File on Corporate Financial Statements and Transfers of Assets or Property, is a separate tax return and statement form for persons who own or control foreign corporations that are subject to U.S. reporting requirements. If the taxpayer is subject only to U.S. reporting requirements, there is no need to file Form 5471. However, there may be a need to file Form 5471 if the taxpayer is a foreign corporation and a U.S. corporation in which the taxpayer is an “active partner,” under section 1256(b)(2) of the Code. When filing an information return for a foreign corporation, you may be required to provide more than one Form 5471. A “person” includes any individual, firm, corporation, society, joint venture, association, trust or other business entity (except a trust owned by an individual), or any partnership, limited liability company or other entity treated as a partnership for U.S. federal income tax purposes. Form 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations, includes information that an international taxpayer is required to report under applicable U.S. rules for the information returns that are required by § 6013. These rules require an international taxpayer to disclose information about specified U.S. persons and foreign corporations related to specified transactions or transactions, or to report, in connection with some or all of those transactions, that they own more than 25% of a specified U.S. corporation. Form 5471 applies to foreign corporations whose total assets greater than U.S. 10 million at the end of any fiscal year. A “controlled foreign corporation” is a foreign corporation that is, at any time, controlled by persons (other than its qualified U.S. shareholders and members as defined in the regulations) that (i) are U.S. citizens or residents. (ii) own more than 25% of the equity in the foreign corporation or (iii) control the foreign corporation through one or more entities (other than the qualified U.S. shareholders and members as defined in the regulations). If only certain specified shareholders and members actually own 50% or more of a U.S.

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