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Salinas California Form 5471: What You Should Know

Form 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations, related forms and other information) the U.S. Internal Revenue  Department files with the IRS, reporting information about foreign corporations and their owners that operate in the U.S., and who are  subject to taxation under the U.S. Internal Revenue code. The Form 5471 is used by the IRS to determine the amount of U.S. source income tax you  are required to report to the U.S. Internal Revenue Service for the taxable year, tax deductions claimed by the foreign corporation for U.S.  Provided tax benefits may apply, and when the U.S. tax obligation shifts from withholding to tax. This form is  also called Form 5071 (the information return relating to income tax with respect to the payment of interest and dividends) when the amount of credit is 1  percent or less of the corporation's worldwide income or, in the case of a partnership, total income includable in common  stock, or 1 percent or less of its partnership income, whichever is smaller. The form is also called Form 5072 (the tax return relating to  interest and dividend) if the amount of a deduction is less than 10 percent of the corporation's U.S. taxable income, or if the U.S. corporation had gross income of 500,000 or more from  its U.S. sources during the current year, excluding interest, dividends, interest and dividends from previously  incorporated foreign corporations (if any). Form 5471, Information Return of U.S. Persons with Respect to Certain Foreign Corporations was originally filed as Form 943 (form 943) in 1962, by the IRS. In 1970, Form 4515 began to be used, replacing Form 943, though the form itself remained unchanged.  In 1979, the IRS replaced Form 4515 with Form 4532, as the information return (Form 942) was to be used only for the year 1984.  Beginning in 1990, Forms 5471, 5472, and 5473 were replaced by a single form. Form 4563 was replaced in 2000.  In March 2002, as part of the General Accounting Office (GAO) Report on the Effect of Foreign Shareholder Deductions Income in Certain U.S. Codes on U.S.

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