US Tax Filing for Americans with Foreign Companies
US citizens and green card holders who own or have significant interests in foreign corporations face some of the most complex reporting obligations in the US tax code. From Form 5471 for controlled foreign corporations to GILTI (Global Intangible Low-Taxed Income) and Subpart F inclusions, the requirements go well beyond a standard expat return. Getting these right requires specialised expertise.
Get started with your filingWho this is for
- ✓ US citizens or green card holders who own 10% or more of a foreign corporation
- ✓ Americans who are officers or directors of a foreign company
- ✓ Entrepreneurs running a foreign-incorporated business while filing US taxes
- ✓ Those with passive investments in foreign entities that may trigger Subpart F
- ✓ Americans who own or co-own a foreign LLC, limited company, or similar structure
What this filing may involve
Every situation is different. The forms below commonly apply — your specific filing may vary.
- 1 Form 5471 — Information Return for US Persons with Respect to Certain Foreign Corporations
- 2 Form 8992 — US Shareholder Calculation of Global Intangible Low-Taxed Income (GILTI)
- 3 Form 1040 incorporating Subpart F income inclusions
- 4 Form 2555 — FEIE on any foreign earned income alongside the corporate reporting
- 5 Form 1116 — Foreign Tax Credit on GILTI or Subpart F income
- 6 FBAR — FinCEN Form 114 for any foreign financial accounts
Documents usually needed
- 📄 Foreign company financial statements (balance sheet, profit and loss) for the tax year
- 📄 Ownership percentage and share certificate or register
- 📄 Company formation documents and registered country
- 📄 Records of any dividends, distributions, or loans from the company
- 📄 Details of any other US shareholders (for Category 3, 4, or 5 filers)
How Nomadic.Tax works
AI-assisted preparation with licensed professional review — every time.
We determine your filing category under Form 5471 based on your ownership percentage and role
Our specialists calculate any Subpart F income inclusions or GILTI exposure
We integrate the corporate reporting with your personal Form 1040, FEIE, and FTC
A licensed CPA with international business experience reviews and files your complete return
When human review matters
- ⓘ Form 5471 has multiple categories (3, 4, 5) with different information requirements — classification matters
- ⓘ GILTI can create significant US tax even when the foreign company pays local tax — the FTC offset is partial
- ⓘ Subpart F inclusions bring certain passive and mobile income into US taxation regardless of distributions
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- entrepreneur, Lisbon, Portugal
Relevant plans
Choose the package that best fits your situation, or view all plans.
- ✓ Everything in Premier
- ✓ Foreign Earned Income Exclusion (Form 2555)
- ✓ Foreign Tax Credit (Form 1116)
- ✓ FBAR filing (FinCEN 114) included
- ✓ Everything in Expat
- ✓ Schedules D & E for investments and rentals
- ✓ Foreign asset reporting (Form 8938)
- ✓ FBAR filing (FinCEN 114) included
Frequently asked questions about US Tax Filing for Americans with Foreign Companies
What is Form 5471?
Form 5471 is an information return required from US persons with certain ownership or control over foreign corporations. It requires detailed financial information about the foreign company. Penalties for non-filing start at $10,000 per year per form.
What is GILTI?
Global Intangible Low-Taxed Income (GILTI) is a tax on the income of controlled foreign corporations that exceeds a 10% return on the company's depreciable tangible assets. It was introduced in the 2017 Tax Cuts and Jobs Act and affects many US expat business owners.
Do I have to report my foreign company even if it made no profit?
Generally yes, if you meet the ownership thresholds that trigger Form 5471 filing requirements. The form requires financial information about the company regardless of profitability.
Can I claim the Foreign Tax Credit against GILTI?
Partially. There's a 20% haircut on deemed paid foreign tax credits under the GILTI regime, limiting the FTC offset to 80% of foreign taxes. The interaction between GILTI and FTC is complex and benefits significantly from professional modelling.