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Lee's Summit Missouri online Form 5471: What You Should Know

Form 5471 requires information on domestic corporations' income and deductions. The form requires U.S. persons to report their ownership interest in foreign corporation on Form 1340-S (formerly 1340) for the tax year in which it is filed, or if the person is a U.S. shareholder, for its prior tax year. The IRS has approved electronic filing. Form 5471 also can be used if you are an individual (other than a U.S. citizen) who meets both requirements for filing Form 8814 (Foreign Bank and Financial Account Information Reporting) with your U.S. bank and for filing an information return with the government. In these cases (i.e., for an individual who meets only the reporting requirement on Form 8814 and filing a Form 5471) your Form 5471 can also be done electronically. You can file an information return with your U.S. bank if your foreign corporation makes specified financial activities, and you are a U.S. shareholder; or if you do not meet the requirements mentioned above on how to file Form 5471 (for individuals/understanding the rules), you can file Form 5471 and include the complete foreign corporation information. This will enable the IRS to correct an underpayment of income tax by your foreign corporation. For a U.S. shareholder (who is not a U.S. citizen), the U.S. resident corporation can use Forms 8814 to pay income tax and other information return liability to the IRS. In other words, a U.S. shareholder filing Form 8814 can agree with an underpayment of U.S. tax, for either a current year or an earlier year. If the U.S. shareholder meets both requirements for a tax year filing Form 8814, the U.S. resident corporation must pay the U.S. tax due in the current year (or the amount you agree to pay in the earlier year) or pay the U.S. tax due in the earlier year and send the amount to the IRS (together with additional information about the U.S. shareholder). Filing is free. You download the form and mail or fax it in. For foreign corporations, Form 5471 is not considered an information return, but is treated as a document and a statement in lieu of a true and correct return. A statement is a written statement or declaration that records the events and events reported on the statement, rather than a complete or accurate return.

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