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Form 5471 for Vacaville California: What You Should Know

Form 5471: Form 5471 Frequently Asked Questions (FAQ). Form 5471 — Information Return of U.S. Persons With Respect To Certain Foreign Corporations If you are a U.S. citizen, resident alien, or other individual living in the U.S., you should file Form 5471 if your corporation has at least 1,000 shares of its stock sitting outside the U.S.  You are a resident alien because you have lived for more than half of your foreign residence on a full-time basis, even if some or all of your gross income is in the U.S.  If you are a nonresident alien, you may be a U.S. person or a nonresident alien. If you are a U.S. person, you do not need to file Form 5471 ; however, if you are an S corporation, you must file Form 5471. A corporation may be an S corporation, a partnership, or an individual who has an interest in stock. If a corporation is not, you have to file Form 5471 when you own more than 1 percent (1%) of the total stock of your corporation's shares outstanding. This can be accomplished by holding some or all of your corporation's shares. This rule can be confusing to the uninitiated, so I have summarized the law at the time of the filing. Form 5471 is filed on line 16 (Form 2053) of the individual income tax return. The name on line 16 is not your name.  If a corporation is controlled by U.S. persons, there are other requirements under section 1391 to ensure there are no U.S. persons in leadership positions.  If a partnership is controlled by U.S. persons, either your partner is a U.S. person or you must file your Form 5471 with your partner's tax return. If you are an EIN holder, you must file with your partner's return. You may use the following form if you wish to file with your partner: EIN Holder's Form 5471 — Business Entity with U.S. Citizenship. If you are a nonresident alien, file Form 5471 with the Department of the Treasury. If you are a resident alien, send Form 5471 to your local IRS office. IRS provides forms for Form 5471, Form 4972, Form 941, and Form 1096. There are other requirements for Form 5471.

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