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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.
Form 5471 Penalty Alert
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.
Avoid Penalties - Start NowWhat 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
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
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
Form 5471 Frequently Asked Questions
Common questions about 5471 taxation and our services
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
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
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
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.
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.
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.