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Santa Ana California Form 5471: What You Should Know
Foreign Corporation. Effective October 1, 2011, the requirements of Regulation Section1.170A-4 have been updated by the Internal Revenue Service. The most significant changes to these reporting requirements are as follows: (1) Section 1.170A-4(a)(2) states that the report to the IRS must be on Form 2555, Filed on or Before June 29, 2016. (2) Section 1.170A-4(a)(1) states that the report must be made using the “Foreign Report of Foreign Persons” program (i.e., Form 2656(a)). (3) A report form designated for use as both a Filed on or Before and Form 2555 report is also available for use when making Forms 2555. For instructions, see IRM 1.140.3.1, Foreign Report of Foreign Persons (Form 2656). For more information, see Foreign Reporting Requirements in Rev. Pro. 2010-30. The requirements to report ownership interests and officer/director positions and their dates/amounts have been updated to reflect The current requirement to file Form 2555 was first reported on Information about Form 5471, Information Return of U.S. Persons — IRS Information about Form 5471, Information Return of U.S. Persons With Respect To Certain Foreign Corporations, including recent updates, related forms, instructions for Form 5471 (Rev. January 2022). Complete a separate Form 5471 and all applicable schedules for each applicable foreign corporation. When and Where To File. Attach Form 5471 to your tax return. What Happens if I Fail to File Form 5471? Usually the statute of limitations would have expired by April 15, 2012, BUT if you didn't file the Form 5471 then the IRS could audit you and send you a bill Form 5471 | IRS | Foreign Reporting | International Tax Learn more about form 5471 and reporting a foreign corporation. Contact RMS LAW for a complimentary case evaluation. IRS Streamlined Filing Compliance Mar 10, 2024 — Form 5471, used to report certain ownership interests in, control of, or to report the taxpayer holding an officer/director position in a foreign corporation. Effective October 1, 2011, the requirements of Regulation Section1.170A-4 have been updated by the Internal Revenue Service.
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