Form 5471 is used to report a US persons ownership or interest in shares of a foreign corporation. Certain US persons, defined as U.S. shareholders, are required to report their interest in a foreign corporation to the IRS. Generally, when a U.S. person owns or controls ten percent, or more, of a foreign corporation, that person will have some sort of Form 5471 filing obligation. Often, ownership interests in a foreign corporation are difficult to determine. If you own stock in a foreign corporation, contact an International Tax Attorney with The McGuire Law Firm to determine your Form 5471 filing obligations.
Schedule a free consultation to discuss your situation.