Information Return of US Persons With Respect to Certain Foreign Corporations
In more detail
Form 5471 reports a US person interest in a foreign corporation, including a US-owned UK limited company. It is detailed, with several schedules depending on the filer category, and its non-filing penalty starts at $10,000 per form per year — among the steepest information-return penalties. It is informational, but it carries the GILTI/NCTI and Subpart F calculations that can create actual tax.
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