Do I need to file Form 5471?
Form 5471 is required for US persons who own 10% or more of a foreign corporation. Learn the five filing categories, penalties, and GILTI reporting overlap.
You must file Form 5471 if you are a US person who owns 10% or more of a foreign corporation, or if you are an officer or director of a foreign corporation with 10% or more US ownership. There are five filing categories with different reporting requirements based on ownership percentage, controlled foreign corporation status, and other factors. A CFC is a foreign corporation where US shareholders own more than 50% in aggregate. Form 5471 is filed with your individual tax return and carries a $10,000 penalty for each late or incomplete form. If the foreign corporation is a CFC, you may also have GILTI income to report on Form 8992.