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Form 5471 for Austin Texas: What You Should Know

IRC Section 1253(f)(2) regarding the foreign income of US persons. Income Statement & Foreign Corporation Income Tax Information Returns for US Persons Foreign income tax returns are required for any US persons who have U.S. source foreign income. If no returns have been filed for tax years ending after December 31, 2008, these requirements will change to apply to year beginning after December 31, 2009. IRS Forms 5471 are tax information returns of US citizens regarding foreign corporation income. For information on filing US returns: US taxpayer's guide to form 5471, by IRS Publication 551. For information on filing US returns: “What Is Form 5471?” IRS Publication 521, US Tax Guide for High Frequency Financial Corporation, by IRS Publication 15-A IRS Forms 5471, Information Return of U.S. Fiduciary to a Foreign Trust Income information returns of U.S. individuals concerning certain foreign trust income and the related information returns filed by U.S. trusts are provided by IRS Publication 521, The U.S. Tax Guide for High- Fiduciary to a Foreign Trust (April 2010, Pub. No.  18-A), by IRS Publication 16-B. Income Statement & Foreign Corporation Income Tax Information Returns for  US Persons with Respect to Their Fiduciary to a Foreign Trust For US persons with regard to their fiduciary status to a foreign trust, see US financial statements and foreign trusts — What's the difference? . Form 5472, Statement of Specified Foreign Financial Assets, US person with respect to certain amounts in trust — IRS Form 5472, Statement of Specified Foreign Financial Assets, provides information about U.S. person's income and losses from financial investments in certain foreign corporations. This includes foreign corporations, such as U.S. owned realty that are managed on behalf of a trustee. Taxable Income — U.S. Person With Respect to Certain Interests Held with a Foreign corporation In order to receive capital gains treatment for interest paid to an S corporation, the Trustee must show US person income and losses from the interest in the trust. The Trustee must also show income from the principal amount paid by the Trustee as income from the S corporation. The Trustee is required to report this information on the Form 1099-DIV for each payment to the S corporation.

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