2024 Form 5471 Overview - Who, What, When, Why, and How (New Update) - Golding and Golding

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Internal Revenue Service (IRS) Form 5471 is required by US Person Shareholders, Directors, and Officers of International/Foreign Corporations who have an ownership interest or control in the entity. The requirements for reporting foreign corporations and other entities fall under Internal Revenue Code sections 6038 and 6046 -- and are summarized in the Form 5471 instructions. There are five (5) main categories of filers with ownership in a foreign corporation -- and it is not limited to Controlled Foreign Corporations either -- which is another common misconception. The reporting is not determined by whether any income was generated or if the business turned a profit.  Unlike other international reporting forms such as the FBAR and Form 8938, Form 5471 is a very comprehensive international tax form. The form is complicated and requires a firm understanding of tax and accounting principles such as assets, liabilities, income, and equity, as well as Subpart F and other more complicated international tax components -- such as GILTI and FDII. The IRS strictly enforces reporting compliance and routinely issues penalties for non-compliance.

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