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Form 5471 Vancouver Washington: What You Should Know

WHEREAS, in the absence of such provision, certain tax planning and tax-saving behavior by U.S. persons would not be reasonably likely to occur, and there is a danger that tax planners will not properly plan for the taxation of the resulting income at a future date. WHEREAS, the City of McKinney would not be in compliance with federal tax law obligations with respect to the international income tax (IRS) reporting of U.S. persons if it were required by law to include foreign income earned by a U.S. person resident in the City of McKinney on a Form 1040, 1040A, 1040EZ, 1040A-EZ, 1040-EZ, 1040-W-10, 1040-PATROL, 1040-NR, 1040NR1041, 1040NR1042, or 1040NR1043 upon the filing of, or in connection with, a partnership, entity, or formation documents, tax return, or IRS Form 5471 with the IRS; or WHEREAS, in the absence of such provision, the U.S. person would not be able to take advantage of a variety of tax planning and tax-saving behavior, resulting in potential loss of U.S. tax on certain income by the U.S. person (i.e., foreign source income) or potential loss of U.S. tax on certain interest income by the U.S. person (i.e., domestic source income), or both; and WHEREAS, the City of McKinney (the “City”) seeks to provide increased tax revenues and a better corporate, fiscal, and tax environment in the City for the benefit of its residents; and WHEREAS, the City has, and will continue to seek the benefits from, the tax planning and tax-saving behavior of certain U.S.

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