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Information about Form 5471, Information Return of U.S. Persons With Respect To Certain Foreign Corporations, including recent updates, related forms, and instructions on how to file. File Form 5471 to satisfy the reporting requirements of sections 6038 and 6046, and the related regulations.
OMB No. 1545-0123. Form 5471. (Rev. December 2023) Department of the Treasury Internal Revenue Service. Information Return of U.S. Persons With Respect to Certain Foreign Corporations. Go to www.irs.gov/Form5471 for instructions and the latest information.
Reporting exchange rates on Form 5471. When translating amounts from functional currency to U.S. dollars, you must use the method specified in these instructions. For example, when translating amounts to be reported on Schedule E, you must generally use the average exchange rate as defined in section 986(a).
This article gives an overview of the issues faced by practitioners when preparing Form 5471 and can serve as a roadmap to the potential problems and traps for the unwary.
Form 5471 is used by certain U.S. persons who are officers, directors, or shareholders in respect of certain foreign entities that are classified as corporations for U.S. tax purposes. The Form 5471 and schedules are used to satisfy the reporting requirements of Internal Revenue Code Section 6038 and 6046 along with the applicable regulations.
A common international reporting requirement for many U.S. persons is IRS Form 5471, Information Return of U.S. Persons with Respect to Certain Foreign Corporations. Very generally, this ...
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