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McAllen Texas Form 5471: What You Should Know

S. Taxpayers involved with U.S. corporations. It consists of information regarding their beneficial ownership of foreign corporations. The term “beneficial ownership” is defined in Form 1023, U.S. Individual Income Tax Return.  Form 5471 is required as of February 1, 2024 (and is not required prior to June 15, 2008), and the information can be filed electronically via Fax or E-file. On Form 5471, a U.S. person is required to state whether: (1) the taxpayer is the beneficial owner of a foreign corporation that has paid any U.S. federal income tax. (2) If a U.S. resident, does the taxpayer have more than 50% of the voting securities of the corporation. A foreign corporation filing Form 5471 may have 50% voting securities if it (or a related limited partnership) was formed under an income exchange agreement between the U.S. and its non-resident owners and the income was permanently reinvested in the U.S. by the related limited partnership. The Form 5471 is also a tax return (tax paid) because it reports the taxpayer's foreign income, and it is reported on a W-2 (or 1099-MISC form). The IRS requires the U.S. person's foreign withholding agent to withhold the 10% tax. If all or most of the income is reported on Form 1023 (or 1041), the tax is paid to you directly, not to us at the end of the year. The Form 5471 also provides information on the U.S. person's share of the non-resident owner's income. It lists each foreign corporation owned by that U.S. person, whether that income was permanently reinvested in the U.S. in which the U.S. person had an investment interest, the foreign corporation's gross income, and the U.S. person's share of the gross income of that corporation. If the U.S. person's partner is also a U.S. person, the Form 5471 reports that partner's share of the income of the controlled foreign corporation. The Form 5471 also reports the U.S. person's share of any dividends and interest that are paid to the controlled foreign corporation but are not distributed to the U.S. person through a distribution from the U.S.

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