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Form 5471

What is Form 5471?

Form 5471 is an IRS form that certain U.S. citizens and residents who are officers, directors, or shareholders in certain foreign corporations must file. It's used to satisfy the reporting requirements of transactions between foreign corporations and U.S. persons.

Filing Form 5471 is complex and requires substantial information about the foreign corporation's income, expenses, assets, and liabilities. Non-compliance can lead to substantial penalties, so it's essential to understand who needs to file this form and what information is required.

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