How Form 5471 Affects Your U.S. Taxes: Key Considerations for Expats and Business Owners
For U.S. taxpayers who own or are interested in foreign corporations, IRS Form 5471 is a critical compliance requirement. This form, officially called the “Information Return of U.S. Persons Concerning Certain Foreign Corporations,” is designed to ensure transparency in offshore business activities and prevent tax evasion. However, failure to file it correctly can lead to…