2017-11-13
Today we published a flowchart on our sister website, Tax-Charts.com, regarding Form 5471 filing requirements. There are 17 free flowcharts at Tax-Charts.com.
The new Form 5471 flowchart assists in the determination of whether a U.S. person needs to file a Form 5471 as a Category 2, 3, 4, and/or 5 filer. The flowchart also addresses the attribution rules relevant to each category, as well as the applicable exceptions to the filing requirements.
Form 5471 is used by certain U.S. citizens and residents who are officers, directors, or shareholders in certain foreign corporations. The form and schedules are used to satisfy the reporting requirements of Code §§6038 and 6046, and the related regulations.
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