International Tax is ALL we DO
Do You Have a Foreign Corporation?
When a US Person (Citizen or Resident) has ownership over a foreign corporation, they may have one or several reporting requirements. There may be several categories of Form 5471 filers, CFC, Subpart F Income, and more.
Is it Owned More than 50% by US Persons?
If the foreign corporation is owned more than 50% by US persons, it is considered a Controlled Foreign Corporation (CFC). This may lead to a much more complex Form 5471 filing requirements, additional income, and supplemental schedule filing.
Can You Disregard the Entity and Avoid Form 5471?
Sometimes, a foreign corporation can be disregarded for tax purposes, which would limit or eliminate the filing of Form 5471, although other forms such as 8832 and 8858 may be required. If the foreign corporation is Per se it cannot be disregarded.
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