Form 5471 Categories of Filer

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Determining the Form 5471 Category of Filer

Determining the category of filer is the first step, and will answer the following questions:
Whether or not a Form 5471 needs to be filed
Which sections of the form need to be completed
Whether or not the filer is eligible for an exception
This determination is based on several factors, including ownership amounts (direct, indirect, and constructive), changes in ownership, and control.

Determining the correct category is critical – the penalties associated with incomplete Form 5471s or unfiled Form 5471s are a minimum of $10,000 per entity per year, and the statute of limitations stays open indefinitely on the entire tax return.

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