What are the Form 5471 filing requirements for CFC owners?
I just learned I need to file Form 5471 for a foreign corporation I have an interest in. This form looks incredibly complex — it has multiple schedules and categories of filers. Can someone explain which category I fall into, what schedules I need, and what information I need to gather? I'm a U.S. citizen with a 40% stake in a foreign corporation that qualifies as a CFC.
Related Questions
When do I need to file Form 5471 for my foreign corporation as a U.S. shareholder?
I'm a U.S. green card holder and I own 60% of a company incorporated in Canada. The company has been operating for three years and generates about $500,000 in revenue annually. A friend who is also an...
I'm a U.S. person with a 60% interest in a foreign partnership. Do I need Form 8865?
I'm a U.S. citizen and I have a 60% interest in a partnership organized in Germany. The partnership operates a consulting business there. I've been reporting my share of income on my Form 1040 but was...
What do I need to know about filing Form 8621 for PFIC reporting?
I have investments in two foreign funds that I've now confirmed are PFICs. I've owned them for three years and never filed Form 8621. I'm terrified about the penalties. What information do I need to c...
When do I need to file Form 8992 for GILTI, and what schedules are required?
My accountant says I need to file Form 8992 because I'm a U.S. shareholder of a CFC. But I'm confused about when this form is actually required. Is it only needed if I have a positive GILTI amount, or...
What Korean NTS reporting is required for my U.S. LLC?
My Korean accountant says I need to file several reports with the NTS about my U.S. LLC beyond just my income tax return. He mentioned foreign financial account reporting, CFC reporting, and something...
I'm a foreign person owning a U.S. LLC — do I need to worry about GILTI?
I'm a non-U.S. resident who owns a single-member LLC in the United States. My LLC provides consulting services to clients in the U.S. and abroad. A friend told me about GILTI and said I should check i...
What is Form 8858 and does my foreign disregarded entity need it?
I'm a U.S. citizen living in the UK and I have a UK limited company that I elected to treat as a disregarded entity for U.S. tax purposes. My CPA mentioned I might need to file Form 8858 in addition t...
Who qualifies as a U.S. shareholder of a CFC and what are their reporting obligations?
I'm a U.S. citizen living abroad and I own 15% of a company incorporated in Singapore. Two other Americans each own 20%, and the rest is owned by Singaporean nationals. Am I a U.S. shareholder? What f...
What BIR forms do I need to file for my U.S. LLC income?
I earn income through my U.S. LLC and want to report it properly to the BIR. I'm registered as a self-employed professional. Do I file 1701Q quarterly? Do I need to register the LLC itself with the BI...
If BOI reporting comes back for US-formed LLCs, what are the actual penalties?
I'm currently exempt under the March 2025 IFR but I want to plan for the possibility it gets reversed. What does the underlying statute say about BOI penalties — civil and criminal — and is there any ...
Have a similar question?
ForeignLLCTax members get expert answers with IRS citations. One CPA consultation costs $200+. Full access is $9.99/month.
Become a Member — $9.99/moDisclaimer: All content on ForeignLLCTax.com is created by a tax professional and is provided for general educational and informational purposes only. It does not constitute tax, legal, or accounting advice, and should not be relied upon as such. Every tax situation is different — for advice specific to your circumstances, please consult a licensed CPA, Enrolled Agent, or tax attorney. By using this website, purchasing a subscription, or accessing any tools or services, you acknowledge that no client-professional relationship is established between you and ForeignLLCTax.com or its operators. This website is not affiliated with the IRS.
