Form 5471 Filing for US Owners of Foreign Companies
Form 5471 is required from US persons who have certain ownership, control, or officer/director positions in foreign corporations. It's one of the most complex international information returns, requiring detailed financial information about the foreign company including a balance sheet, profit and loss statement, and shareholder information. Penalties for non-filing or incorrect filing start at $10,000 per year per form.
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 corporation
- ✓ Expats who founded or co-founded a foreign limited company, LLC, or corporation
- ✓ US persons who acquired shares in a foreign company exceeding 10% ownership
- ✓ Those who control a foreign corporation through indirect ownership
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 — GILTI calculation for controlled foreign corporations
- 3 Form 1116 — FTC on GILTI or Subpart F inclusions
- 4 Schedule J, P, Q — Accumulated earnings, distributions, and other required schedules
- 5 Form 1040 incorporating Subpart F and GILTI inclusions from the foreign corporation
Documents usually needed
- 📄 Foreign company financial statements (balance sheet and income statement)
- 📄 Ownership structure and percentage ownership
- 📄 Company formation documents and country of incorporation
- 📄 Details of any distributions, loans, or transactions with the company
- 📄 Any prior Form 5471 filings
How Nomadic.Tax works
AI-assisted preparation with licensed professional review — every time.
We determine your filing category (1–5) based on your ownership percentage, role, and the nature of the company
The required schedules are prepared using the company's financial statements
GILTI and Subpart F inclusions are calculated and incorporated into your Form 1040
A licensed CPA with international business expertise reviews and files your complete package
When human review matters
- ⓘ Categories 3, 4, and 5 filers have significantly more extensive reporting requirements than Category 1
- ⓘ GILTI creates US tax on the foreign company's income even without distributions — proactive planning is important
- ⓘ Related-party transactions between you and the company must be disclosed and arm's-length pricing documented
Deeper reading on NomadIcTax.org, our educational resource site
[INSERT: customer testimonial, e.g. "US-citizen entrepreneur with a foreign company in Amsterdam, Netherlands, saved money and stress using Nomadic.Tax"]
- US-citizen entrepreneur with a foreign company, Amsterdam, Netherlands
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 Form 5471 Filing for US Owners of Foreign Companies
What are the Form 5471 categories?
Categories 1–5 determine which schedules are required. Category 5 filers (US shareholders of controlled foreign corporations) have the most extensive obligations, including full financial statement reporting and GILTI calculations. Category 1 filers (US shareholders who are not category 5 filers) have reduced requirements.
Does my foreign company have to pay US tax?
Not directly. But as a US shareholder, you may have US taxable income inclusions from Subpart F (certain passive and mobile income) and GILTI regardless of whether the company distributed anything to you.
What if I missed Form 5471 in prior years?
The IRS has a relief procedure for reasonable cause non-filing. The Streamlined Procedure can also address delinquent international information returns including Form 5471 in many cases. Acting promptly before the IRS contacts you is important.