What Is Form 5471?
The Information Return of US Persons With Respect to Certain Foreign Corporations is an IRS tax filing reporting officers', directors' and shareholders' foreign company data.
Also known as: IRS Form 5471, Foreign Corporation Information Return.
How Form 5471 works
Form 5471 is required when a US citizen or resident holds a defined role or stake in a foreign corporation, such as acquiring a ten percent interest, controlling more than half of vote or value, or being a US shareholder of a controlled foreign corporation, and the filing category then decides which schedules apply. The form is attached to the filer's income tax return and is due with that return, including extensions. Schedules cover ownership, accounts and amounts relevant to CFC rules such as Subpart F income and other CFC inclusions. A missing or incomplete Form 5471 can trigger a penalty of 10,000 dollars per foreign corporation per year, with additional penalties after IRS notice.
Form 5471 vs Form 8938
Unlike Form 8938, which lists specified foreign financial assets above value thresholds, Form 5471 reports detailed corporate data where a US person meets ownership, control or officer criteria in a foreign corporation.
Example
Illustrative example: A US citizen resident in Country A incorporates a consulting company there and owns all its shares. As a US person controlling more than half of the vote, the founder generally attaches Form 5471 to the annual US return, reporting the company's accounts and any income attributable under CFC rules.
Common misconception
Myth: A foreign company with no US clients or US bank account has no US filing link.
Reality: Form 5471 obligations follow the US owner's ownership, control or officer role in the foreign corporation, not the location of the company's customers or bank accounts.
Frequently asked questions
Who needs to file Form 5471?
Form 5471 is filed by certain US citizens and residents who are officers, directors or shareholders of foreign corporations, according to filing categories based on ownership thresholds, control and CFC status set out in the IRS instructions.
What is the penalty for not filing Form 5471?
For Form 5471, the IRS instructions set a 10,000-dollar penalty per foreign corporation per annual accounting period, plus 10,000 dollars per 30-day period after notice, capped at 50,000 dollars additional per failure.
Related terms
- Controlled Foreign Corporation — Status triggering the main Form 5471 filing categories
- CFC Rules — Income inclusions reported through Form 5471 schedules
- Global Intangible Low-Taxed Income (GILTI) — US CFC inclusion regime relying on Form 5471 data
Related guides
- Incorporation options for location-independent entrepreneurs — Foreign company set-ups that trigger Form 5471 for US owners
- Global tax reform and US digital nomads — US nomads owning foreign entities
Sources
Last verified: 2026-10-08. This entry is general information, not tax or legal advice; rules vary by country and change over time.
