FOREIGN CORPORATIONS
Additional tax filing requirements may apply to individuals who have ownership in foreign corporations during the year.
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FOREIGN CORPORATIONS
If you are a director, officer, or just a shareholder of a foreign corporation, you may have an additional US tax filing requirement. Form 5471 is an informational form that must be filed with your US federal tax return which typically does not affect your US tax liability but helps the IRS keep track of the US citizens who have ownership in foreign corporations abroad. Failing to file or improperly preparing this form can lead to fines starting at $10,000.
