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Form 5471 for Maryland: What You Should Know

Form 5471 — Form 5471 — Instructions In the case of the Form 5471, it is only necessary to file Form 5471 if the income is considered to be of a type of foreign income which is subject to U.S. taxation, or if the filer has a controlled foreign corporation with foreign income (such as dividends) in a state or foreign country not subject to U.S. taxation. Foreign Corporation Qualification — Instructions Form 5471 is not a U.S. tax instrument but rather provides information on foreign corporation income and should never be filed as an exhibit to an income tax return and therefore should not be counted toward any penalties or interest charges assessed against the taxpayer on such a return. Form 5471 is useful in determining the status of a foreign corporation which has been deemed as a controlled foreign corporation by an applicable income tax provision. Information about Form 5471 should also be reported on a tax return filed by a foreign corporation that is subject to U.S. taxation, and a foreign corporation should generally not be deemed a U.S. corporation for tax purposes if not required to file Form 1065. Form 5471 must be filed even if there is no foreign income tax. If the income of the foreign corporation is subject to U.S. taxation, the form must be filed. However, if the income of the foreign corporation is not subject to U.S. taxation, the filing or filing jointly with a U.S. shareholder is not required. The information provided on the form may be reported only to the extent necessary to determine whether the foreign corporation has controlled U.S. shareholders after determining if U.S. shareholders have made a payment tax liability; in that case, Form 5471 should be filed with the U.S. shareholder's tax return. If Forms 5471 are not filed, the filer may be charged an additional tax on any amount reported that is included in a report filed by the foreign corporation. Form 5471 is not a report of U.S. shareholders but rather a report of the foreign corporation. The Form 5471 was used prior to Jan. 1, 2018. For information about the Form 5471 filed before 2006, see: IR-2006-33, IR-2006-32. Form 5471 may be used to determine the status of a corporation after the change occurs that results in the foreign corporation no longer being viewed as being a U.S. controlled corporation for U.S.

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