The IRS has recently issued a reminder that U.S. citizens and residents who are officers, directors or shareholders of foreign corporations may have to file Form 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations. The level of control the U.S. taxpayer has in the foreign corporation is the determining factor of whether the taxpayer must file the form.
The form is due when the taxpayer’s income tax return is due. Additional information can be found on the IRS website or in the instructions for form 5471.
