As we increasingly become more connected on this planet US Taxpayers are compelled more than ever before to hold investments in multiple countries. As a direct result timely filing IRS Form 5471 is becoming profoundly significant. I’ve been involved with enough international tax matters to appreciate this form and subsequent schedules. This post is a summary of my experiences to date.

Basically if you are a U.S. citizen or resident who is an officer, director, or 10% shareholder in certain foreign corporations this form is required to satisfy the reporting obligations of IRC 6038, and IRC 6046 and related regulations. Generally speaking, all U.S. persons described in Categories of Filers below must complete the schedules, statements, and/or other information. Read More