Do I Need to File Form 5471 for my CFC if It Lost Money??

For a tutorial on how to complete IRS Form 5471, see our playlist here:
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If a foreign corporation is owned by enough U.S. persons, it may be classified as a controlled foreign corporation (CFC) for federal tax purposes.

A U.S. person with a stock ownership interest in a CFC must report their interest on Form 5471 and include it with their federal tax return.

One of the most common misconceptions is that the IRS does not care about Form 5471 filings for foreign corporations that lose money.

This couldn't be further from the truth...

Make sure to file your Form 5471s or you face a steep $10,000 penalty per missed filing...

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Видео Do I Need to File Form 5471 for my CFC if It Lost Money?? канала Jason D. Knott