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We take care of 5471 filing to ensure your

business continuity

Form 5471

As a US person do you own business overseas?

Then you must file 5471.

Form 5471 also known as – Information Return of US Persons with Respect to Certain Foreign Corporations – is an informative tax return that is mandated to be filed by US persons or citizens. All US persons or citizens who have a business or own some stake in a company that is based overseas are required by US law to file form 5471.

The US taxation is citizen-based and that mandates all citizens to declare their global income and business interests, and file taxes accordingly. 

At GuruTaxPro, we have the experience to help 5471 regardless of the business you are in and the overseas location you are at. Let us handle all your 5471 requirements while you give the best of your time and efforts to your overseas business.

How GuruTaxPro helps ?

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Assess Business Stake

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Classify File type

Accessibility in Office

Prepare 5471 Form

Filing taxes and paperwork

File 5471 Form

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Ensure Business Continuity

Who qualify for 5471 compliance ?

GuruTaxPro can help the following types of overseas businesses file their form 5471 –

Business Owner

A US person who is owner of a Specified Foreign Corporation (SFC).

Director

A director or officer of a foreign corporation in which a US person owns more than 10% or more of the foreign corporation’s stock

Citizen/Resident

A person awarded US citizenship or residency permit while owing 10% or more of a foreign corporation’s stock.

Stake Holder

A US person who had control of a foreign corporation for at least 30 days.

Stock Holder

A US person who owns the stock of a foreign corporation that is a Controlled Foreign Corporation (CFC) for an uninterrupted period of a minimum of 30 days and who owned that stock on the last day of the tax year

What we cover under 5471 services ?

  • Conduct entity classification
  • Prepare W8 Forms and Self Certificates
  • Registration with tax authorities
  • New entity account due diligence
  • Annual Reporting
  • Training and Consulting on FATCA procedures

Timelines to file 5471

  • March 15th: For all corporations and businesses
  • April 15th: For all individual taxpayers who reside in the US
  • June 15th: For all those who reside abroad

What happens when Form 5471 is not filed or delayed

  • In case Form 5471 is not filed or delayed, the fine can go up to $10,000
  • In case the individual / entity has not filed the Form 5471 90 days after the ‘notice of failure’ sent by IRS, an additional $ 10,000 is fined for each 30-day period. The maximum fine is limited to $ 60,000

Advantages of GuruTaxPro

  • Efficient and accurate Accounts Payable Services
  • Affordable and flexible pricing structure
  • Provide savings in terms of time and efforts
  • Highly compliant with all required regulations
  • Provide services in a quick turnaround time
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