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Form 5471 Minnesota: What You Should Know
The Form 5471 returns are also useful if you want to claim capital losses due to your foreign corporations from your year of incorporation. The Form 5471 may not be an especially complicated tax return. It is a single page form that should be completed in a few minutes, though depending on your preparation you may face processing time that may take several days or weeks from the date the form is filed electronically. A few important points to make when making your filing on Form 5471: You must provide the information you are required to provide on the 5471 form even if you don't intend to file a tax return when you file the form. If you do not provide the required information, you have to provide a non-federal income tax return on which the corporation is required to file if it had any profit on which taxes are paid by the United States. Don't file if you've failed to provide at least one of the required information items, in which case you will be audited and may be assessed penalties, interest and/or fees. A “P5471” means the Form 5471 was filed by P5471 on the 30th day of the 4th month of the current year. You may use the following form and pay the fees without requiring an updated Form 5471 on the 30th day of each year, the same date each year thereafter until you file a Form 5471. (No penalty or interest is imposed when making this filing.) The “P5471” is a P5471 form that includes your home address and a tax return address. You use the tax return address from the address on the P5471 form (the same address you used when you filed your original tax return on Form 1120) if you file a tax return. However, a return filing with a different tax return address may not get a return to the IRS before the deadline to file if you don't file a Form 5471 before the statutory deadline. You cannot file a false or fraudulent P5471 or pay the penalties or interest with this form. When you file Form 5471 with this form you can file electronically or in paper format. A Form 5471 filed with a paper Form 1040 or W-2G, or the like, will not be tax return information for purposes of the 1040-ES.
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