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 expat told me I need to file Form 5471, but my Canadian accountant has never mentioned it. The form looks incredibly complex. When exactly is this required, and what happens if I've missed it for the past three years?
Related Questions
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 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 wh...
My parents overseas sent me $150,000 as a gift. Do I need to report this to the IRS on Form 3520?
I'm a U.S. citizen and my parents who live in India sent me $150,000 as a gift to help with a house down payment. I know gifts are generally not taxable to the recipient in the U.S., but a colleague m...
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...
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...
I transferred my software IP to my foreign corporation. Do I need Form 926?
I'm a U.S. person and I recently incorporated a company in Ireland for tax and business reasons. I transferred ownership of my software intellectual property (valued at approximately $2 million based ...
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...
If we elect to treat my nonresident spouse as a resident, do we get the standard deduction automatically?
I am a U.S. resident married to a nonresident spouse in Spain. We are considering the resident-spouse joint-return election because our U.S. income is about $132,000 and my spouse only has around $18,...
Does the April 2026 IRS guidance (CCA 202617012) help reduce my $25,000 Form 5472 penalty?
I missed filing Form 5472 for my Wyoming LLC in 2023 — I genuinely did not know the form existed. I just received an IRS notice with $25,000 in penalties. Someone in a forum mentioned the IRS issued n...
I contributed cash and equipment to my foreign partnership. Do I need Schedule O of Form 8865?
I'm a U.S. person and I contributed $100,000 in cash and some computer equipment (worth about $20,000) to a foreign partnership that I'm a 40% partner in. My tax advisor mentioned Schedule O of Form 8...
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.
