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Form 5471 Foreign Corporation Tax Filing

International tax CPA firm with Big Four experience preparing Form 5471 for U.S. shareholders of controlled foreign corporations. All filer categories.

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Form 5471 Penalty Alert

$10,000 - $60,000 Per Form

Statutory penalties for late or incomplete Form 5471: $10,000 initial penalty per foreign corporation, plus $10,000 per 30-day period (up to $50,000 additional) if failure continues after IRS notice. Maximum exposure: $60,000 per corporation per year.

Form 5471 is due with your tax return (April 15 for individuals, March 15 for S corps/partnerships). Multiple foreign corporations multiply the penalty exposure.

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What You Need to Know About Form 5471:

  • Form 5471 reports your ownership in a controlled foreign corporation (CFC) to the IRS
  • Five categories of filers exist based on ownership percentage and transaction types
  • Penalties start at $10,000 and can reach $60,000 per corporation per year
  • GILTI and Subpart F income must be reported even if no distributions received
  • Filing is required even if the foreign corporation had no income

Complete Form 5471 Preparation Service

Everything needed for accurate, compliant foreign corporation reporting

Return Preparation

Comprehensive preparation of all required forms and schedules

  • Form 5471 main return
  • Schedule E (income statement)
  • Schedule C (income summary)
  • Schedule F (balance sheet)
  • Schedule H (current E&P)
  • Schedule I (summary of shareholder income)
  • Schedule J (accumulated E&P)
  • Schedule P (previously taxed E&P)
Filer Category Analysis

Determine your exact filing requirements

  • Category 1 (U.S. shareholders of SFCs)
  • Category 2 (officers/directors)
  • Category 3 (acquirers of 10%+)
  • Category 4 (control acquirers)
  • Category 5 (10%+ shareholders of CFCs)
  • Multiple category compliance
GILTI & Subpart F

Complex international tax calculations

  • GILTI income computation
  • Subpart F income identification
  • Foreign tax credit analysis
  • Section 962 election analysis
  • Form 8992 coordination
  • Form 8993 FDII coordination

Our Streamlined 5471 Preparation Process

From documents to filed return in 5 steps

Ownership Analysis

We analyze your foreign corporation ownership to determine which filer categories apply and which schedules are required.

Document Collection

We provide a customized checklist based on your filer category. Secure portal for uploading corporate financial statements, prior year returns, and ownership documentation.

Return Preparation

Our international tax CPAs prepare your Form 5471 with all required schedules, including GILTI and Subpart F calculations.

Review & Approval

You review the complete return package. We explain each schedule and address questions before filing.

Filing & Confirmation

We attach Form 5471 to your individual or business return and confirm IRS acceptance.

📋 Documents Needed for Form 5471 Preparation

  • Prior year Form 5471 (if filed)
  • Foreign corporation financial statements
  • Stock ownership records
  • Corporate organizational documents
  • Related party transaction records
  • Foreign tax payment documentation
  • Dividend/distribution records
  • Intercompany loan agreements

Transparent Form 5471 Pricing

Upfront estimates based on filer category and complexity

Filer Category Typical Situation Schedules Included Starting Price
Category 5 Only 10%+ shareholder of CFC, no control Form 5471, basic schedules $1,500
Category 4 or 5 with GILTI CFC shareholder with GILTI income Full schedules + Form 8992 $2,500
Category 4 with Subpart F CFC with passive/Subpart F income All schedules + E&P calculations $3,500
Multiple CFCs Multiple foreign corporations Full returns for each CFC $2,000/additional
Complex Structures Tiered CFCs, check-the-box, transitions All schedules + planning Custom Quote

* Starting prices shown. Final estimate provided after analyzing your specific situation. If scope changes during preparation, we discuss it first. State returns and related forms (8992, 8993, 5713) additional if required.

Special Form 5471 Situations We Handle

📊 Category 4 & 5 Filers (CFC Shareholders)

10%+ ownership in controlled foreign corporations. Full Form 5471 with all schedules including GILTI and Subpart F income calculations.

🌎 GILTI Income Reporting

Global Intangible Low-Taxed Income calculations. Form 8992 coordination, Section 962 election analysis, and high-tax exclusion evaluation.

🏢 Subpart F Income

Identification and reporting of passive income, foreign base company income, and insurance income from CFCs.

💼 E&P Calculations

Current and accumulated earnings and profits computations. Schedule H, Schedule J, and PTEP tracking under Section 959.

🏥 Multiple Foreign Corporations

Coordinated reporting for U.S. persons with interests in several CFCs. Consolidated GILTI calculations across all entities.

🌍 Late Filing & Penalty Relief

DIIRSP procedures, reasonable cause statements, and Streamlined Filing for non-willful failures. Penalty abatement assistance.

Don't Risk $60,000+ in Penalties

Get your Form 5471 prepared by CPAs who specialize in international tax reporting

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Form 5471 Frequently Asked Questions

Common questions about 5471 taxation and our services

Who must file Form 5471?

U.S. persons (citizens, residents, corporations, partnerships, trusts, estates) who are officers, directors, or 10%+ shareholders of certain foreign corporations. There are five categories of filers, with Category 4 and 5 being the most common—applying to U.S. shareholders of controlled foreign corporations (CFCs).

Learn more: Form 5471 Categories of Filers Guide

What are the penalties for not filing Form 5471?

The initial penalty is $10,000 for failure to file a complete and accurate Form 5471 for each foreign corporation. If you don't file within 90 days after IRS notice, an additional $10,000 penalty applies for each 30-day period (up to $50,000 additional). Maximum penalty exposure: $60,000 per corporation per year.

Learn more: Form 5471 Penalties and Relief Options

What is GILTI and do I have to report it?

GILTI (Global Intangible Low-Taxed Income) is income from CFCs that exceeds a 10% return on tangible assets. U.S. shareholders of CFCs must include GILTI in gross income annually, even without receiving distributions. GILTI is reported on Form 8992 and flows through to your Form 5471 Schedule I.

Learn more: GILTI and Subpart F Reporting Guide

When is Form 5471 due?

Form 5471 is due with your income tax return—April 15 for individuals (October 15 with extension), March 15 for S corporations and partnerships (September 15 with extension). The form attaches to your Form 1040, 1120, 1120-S, or 1065.

What's the difference between Form 5471 and Form 5472?

Form 5471 is for U.S. shareholders of foreign corporations—you report your ownership in a foreign entity. Form 5472 is for foreign-owned U.S. corporations—a foreign person owns you. Form 5471 penalty is $10,000-$60,000; Form 5472 penalty is $25,000 per form.

Can I file Form 5471 late and avoid penalties?

Possibly. The IRS Delinquent International Information Return Submission Procedures (DIIRSP) allow penalty-free late filing if you can demonstrate reasonable cause and the IRS hasn't already contacted you. Streamlined Filing Compliance Procedures may also apply for non-willful taxpayers.