One U.S. shareholder is filing Form 5471 with full schedules for the corporation. Do the other U.S. shareholders still attach anything to their own returns?
We have a foreign corporation with several U.S. owners, and our tax team is trying to use the rule that allows one person to file the main Form 5471 package on behalf of others in some cases. The problem is that some people on the team then talk like everyone else can ignore the form entirely. That feels too loose for an information return this technical.
I want to know what the non-filing shareholders still have to attach to their own returns. If the shared-filing rule still requires statements or other schedules for the identified persons, we need to build that into everyone's filing checklist now instead of assuming the main filer solved everything.
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