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OK online Form 5471: What You Should Know

But if we did this, then we could not figure out whether it would be a U.S. federal corporation or not. But what you will see in this next video is that this is no more than a simple name change for an existing domestic taxpayer. And one of the ways we can see the difference is when we go back to this same taxpayer and look at the Form 1099, Form 1501. And the reason we are calling that an amended Form 1099, Form 3020. Because in this form, what it was doing was giving an amendment to their 1099. But what they were doing was not changing their corporate status. They were changing their tax status, right. What they were doing is providing for the inclusion of this amended return. So what is fascinating is they are giving a return showing that they are an American corporation. And the reason they were providing it under the title United States, was that this was only a change of the tax status for income tax purposes. But when you look at the Form 1099 and the Form 1501, it is also showing that they are now making a specified income tax return. Now, they are not changing the status to U.S. taxpayer, they are changing the status to a specified foreign corporation. And if you did any research at all, you would know that in order to change the status to a specified foreign corporation, you have to file a separate federal income tax return for that specified foreign corporation. The reason, for example, that they would change their tax status is just because of the way that U.S. tax codes treat specified domestic corporation. The Form 1099 has no provision for foreign tax credit. This has been an old discussion. And when the Form 1099 does not list any foreign tax credit, that the taxpayer is an international corporation. But if we have all the other information that we need to make the determination about whether it qualifies for foreign tax credit, we don't need the Form 1099. We can get that information with a simple Google search. The question is, what do we do with this amended return that is not really a new 1099? Well, for a start, our analysis is showing that it is not a new 1099, so we'll just accept that and just do with it what we did in this example. That's fine. We'll just accept it.

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