What is the penalty for not filing form 5471?

If the information is not filed within 90 days after the IRS has mailed a notice of the failure to the U.S. person, an additional $10,000 penalty (per foreign corporation) is charged for each 30-day period, or fraction thereof, during which the failure continues after the 90-day period has expired.

What is the deadline for filing form 5471?

What's the deadline for filing Form 5471? For individual taxpayers, the deadline for filing Form 5471 is the same deadline for filing your tax return April 15 for those in the US, and June 15th for those who reside abroad.

What is the penalty for failure to file Schedule O of form 5471?

The Internal Revenue Code authorizes the IRS to impose a $10,000 penalty for failure to file substantially complete and accurate Form 5471 returns on time. An additional $10,000 continuation penalty may be assessed for each 30 day period that noncompliance continues up to $60,000 per return, per tax year.

Do I need to file 5471 every year?

To put it simply, any US citizen, corporation, partnership, trust, or estate who has at least 10% ownership of a foreign corporation, is generally required to file Form 5471 at least once, any many have to file Form 5471 every year.

Who must file Schedule O 5471?

Form 5471 is used by certain U.S. persons who are officers, directors, or shareholders in certain foreign corporations. The form and schedules are used to satisfy the reporting requirements of sections 6038 and 6046, and the related regulations.

What is Schedule O of form 5471?

Form 5471 Schedule O Organization or reorganization of foreign corporation, and acquisitions and dispositions of its stock (Part I to be completed by U.S. officers and directors, Part II to be completed by U.S. shareholders)

Who needs to file IRS form 5471?

U.S. citizens and U.S. residents who are officers, directors, or shareholders in certain foreign corporations are responsible for filing Form 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations.

What is the statute of limitations for form 5471?

The Form 5471 statute of limitations (the period of time in which the IRS may assess penalties for noncompliance with this reporting requirement) typically expires 3 years from that April 15th date or the later date if the due date of tax return was timely extended.

Get Schedule O Form 5471 2011

Q: What is the deadline for filing form 5471?

What&#039;s the deadline for filing Form 5471? For individual taxpayers, the deadline for filing Form 5471 is the same deadline for filing your tax return April 15 for those in the US, and June 15th for those who reside abroad.

SCHEDULE O Form 5471 Organization or Reorganization of Foreign Corporation and Acquisitions and Dispositions of its Stock Rev. May 2001 Department of the Treasury Internal Revenue Service OMB No. 1545-0704 Attach to Form 5471. Cat. No. 61200O Directly Indirectly Constructively Schedule O Form 5471 Rev. 5-2001 Page f Amount paid or value given g Name and address of person from whom shares were acquired Section D Disposition of Stock Amount received Date of disposition of disposition Section E Organization or Reorganization of Foreign Corporation Assets transferred to foreign corporation Description of assets Fair market value Date of transfer Adjusted basis if transferor was U.S. person securities issued by foreign corporation Section F Additional Information for any of the last 3 years attach a statement indicating the year for which a return was filed and if applicable the name of the corporation filing the consolidated return the taxable income or loss and the U.S. income tax paid after all credits. See Instructions for Form 5471. Name of person filing Form 5471 Identifying number Name of foreign corporation Important Complete a separate Schedule O for each foreign corporation for which information must be reported. Part I To Be Completed by U.S. Officers and Directors a Name of shareholder for whom acquisition information is reported b Address of shareholder c of shareholder d Date of original 10 acquisition e Date of additional Note If this retur n is required because one or more shareholders became U.S. persons attach a list showing the names of such persons and the date each became a U.S. person. Section A General Shareholder Information Name address and identifying number of shareholder s filing this schedule Type of return enter form number Date return filed Date if any shareholder last filed information return under section 6046 for the foreign corporation where filed Section B U.S. Persons Who Are Officers or Directors of the Foreign Corporation Name of U.S. officer or director Address Social security number Check appropriate box es Officer Director Section C Acquisition of Stock Class of stock acquired Date of Method of Number of shares acquired For Paperwork Reduction Act Notice see the Instructions for Form 5471. b List the date of any reorganization of the foreign corporation that occurred during the last 4 years while any U*S* person held 10 or more in value or vote directly or indirectly of the corporation s stock owns 10 or more in value or voting power of the outstanding stock. The chart must indicate the corporation s position in the chain of ownership and the percentages of stock ownership see page 13 of the instructions for an example. b List the date of any reorganization of the foreign corporation that occurred during the last 4 years while any U*S* person held 10 or more in value or vote directly or indirectly of the corporation s stock owns 10 or more in value or voting power of the outstanding stock. The chart must indicate the corporation s position in the chain of ownership and the percentages of stock ownership see page 13 of the instructions for an example.

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