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Form 5471 online Columbus Ohio: What You Should Know

S. Tax 2015. This is a tax form designed to allow a taxpayer to make deductions on income and other tax, for certain specified purposes, from the U.S. taxes of a foreign corporation. The Form 5471 must be completed in its entirety for U.S. tax purposes. The IRS Form 5471 is not a tax return or a separate tax return. Form 5471 is an information return that the U.S. can deduct from a taxpayer's income if foreign income tax is due. The Form 5471 will provide U.S. taxpayers with the following information on a corporation's income and tax: — The corporation's tax home — The amount of foreign income taxes due — The amount of foreign taxes that will be paid if the taxpayer has foreign source income (i.e., if the taxpayer has other foreign income sources other than income that is subject to U.S. taxes at the applicable corporate tax rate) — The amount of credits the corporation will receive, if any, on foreign taxes that would otherwise be paid — The income and tax basis of each class of property held by the corporation for purposes of determining U.S. source income from the corporation The Form 5471 will also provide a U.S. taxpayer with the following information on a foreign corporation's income and tax: — The gross income and foreign source income of the corporation — The income and tax basis of each class of property held by the corporation for purposes of determining U.S. source income from the corporation. — The tax paid by the corporation on the gross income (and foreign source income) — Whether the corporate income tax rates apply to the total foreign income and taxes paid by the corporation from source, and the gross taxes paid to the U.S.-  Note: Form 5471 can include an exception for foreign income tax payment that does not result in any payment of U.S. income tax. Form 5471 is a non-governmental, voluntary, self-help, information return. It is provided for informational purposes only. We do not endorse, are not affiliated with, do not support, and accept no liability for, any information provided on this form by the IRS. If you have questions, contact the IRS by telephone at.

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