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California online Form 5471: What You Should Know
Corporations). The purpose of this Form 5471 is to report or verify certain information about a U.S. person and/or foreign person if there is reasonable cause to believe that either individual should be required to report or verify such information with the IRS. The form must be submitted quarterly by the taxpayer, under penalty of perjury. The Form 5471 (and the information returns described below) must be filed on Form 1040, U.S. Individual Income Tax Return, if the following facts apply: The taxpayer is a U.S. person, or is an individual (as defined in section 7701(a)(1) (relating to definitions)). A U.S. person is defined in section 7701(a)(2)(A)(iii) to include, a nonresident spouse of a U.S. person, a U.S. Foreign spouse of a nonresident person, a U.S. partner of a nonresident person, a U.S. joint venture partner, a U.S. Parent under a nonresident parent's estate, a U.S. officer, director, partner, or employee, or a family member of any other tax-related person as that term is defined in Code section 7701(a)(1) (relating to definitions). You are required to use Form 1040, U.S. Individual Income Tax Return, for purposes of calculating U.S. tax on income from sources within the United States. You can use an online Form 1040-C to file your tax return. (To download Form 1040-C in English, Spanish, or Chinese, go HERE.) Form 5471 requires the following information from you or your spouse, children, parents, or other specified individuals if there are children who will be eligible for a tax benefit. You must also report any interest in, or dividend paid on, these entities which are not directly within the U.S. You are required to report information of the following nature to the IRS (this is the “reasonable cause” requirement): A) The total amount you (or your spouse) may receive from an entity; B) The names and addresses of the individuals who own (or have a control or ownership interest in) the entity; C) The amount and nature of your income and the tax due under the law; D) The names and addresses of the U.S.
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