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Los Angeles California Form 5471: What You Should Know

Effective September 1, 2016, a California resident may be subject to a 10,000 penalty per year for failure to file any form. The penalty will start being assessed July 1 of the year following the year of filing. For individuals, the penalty amounts to 10,000 per year, beginning in the calendar year at which the filing date, if less than 180 days prior to the end of the calendar year, commencing in the year of the taxable year of the individual who is subject to the filing requirements. The filing penalty can be imposed for failure to file Form 5471 on a timely basis, with or without prior knowledge of the year of the due date. The penalty rate applies to each filing date. (ORD. No. 97-1145 (Supp. 12, 2016), § 1, eff. October 5, 2016.) “Every person who is subject to tax under the Internal Revenue Code and that is not exempt from such tax by reason of section 61, 62, or 63 of that code, and every holder of certain interests in the taxable years for which this penalty is imposed, shall file with the Department of Assessor's Office by the date of the first notice given or mailing required to be given under this section information with respect to all transactions held by such person at any time after the end of such taxable year, and in such manner as the Department may prescribe. Any person who shall knowingly fail to provide the information required to be provided under this section by such first notice shall be fined in an amount or amounts not exceeding 5,000. The information required to be filed by every person under this section, together with a list of each and every property, leasehold interest, and income of such person by any foreign corporation as defined in subsection (b) of Section 989 of the Internal Revenue Code, shall be kept by the Department on file at the office of the Department of Assessor's Office for at least 6 years. Any person having filed a business property statement under Part 1.7-2 or Part 1.

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