Forms 5471/5472 Filings Services

If you are a U.S. citizen or resident who holds a top managerial position in a foreign corporation, own a significant block of shares in a foreign corporation, or have control of a foreign corporation for more than 30 days during a year, you have to complete Form 5471 as part of your personal tax filing. If your company held a 25% or greater share of a foreign corporation, you may have to attach Form 5472 to your corporate tax return. However, the rules and guidelines f if you actually need to file those forms are complicated and very involved… and failure to file the forms carry significant penalties. If you think you may need to file either Form 5471 or Form 5472, you need to contact the specialists at GPL.

We can:

  • Provide a free initial consultation during which we gain an understanding of your financial and tax situation, both presently and for the past few years.
  • Review your financial positions and employment history to determine if you are required to file Form 5471 or Form 5472.
  • Prepare Forms 5471 or 5471, along with all necessary tax documents. This includes amending any prior year returns.

Question: What is the penalty for failing to file Forms 5471 or 5472?

Answer: $10,000 each year the form isn’t filed, plus up to an additional $50,000 for instances of continued failure to file. Additionally, the foreign tax credit is reduced by 10% in years where the forms aren’t filed


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Why GPL?

We are a U.S.-based, full-service tax preparation and accounting firm with an international focus. Our business is to help Americans living abroad, resident aliens in the U.S., and non-residents with U.S.-sourced income correctly navigate the complex and often confusing requirements of U.S. taxing authorities. Our focus is primarily on high net-worth taxpayers, as we understand the heavy costs in IRS penalties and fines that honest mistakes can lead to. Since we work internationally, our office hours and flexible and we can do business with you remotely, using a variety of online tools, no matter where you are in the world. We are here when you need us.


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About Us

GPL Tax & Accounting is here to handle all your tax preparation and planning needs. We can also handle your bookkeeping and accounting requirements. GPL provides all the tools and know-how you need to plan and grow your business and to stay compliant with local, state, federal, and international tax regulations.

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What is Form 5471?
This is an informational form that may have to be filed with your personal tax return if you held a director-level or higher position with a foreign corporation, owned more than 10% of shares in a foreign corporation, or otherwise controlled a foreign corporation for more than 30 days.

What is Form 5472?
It is an informational form that may have to be attached to your business tax return if your company owned a 25% or greater portion of a foreign corporation.

By what date must Form 5471 by filed?
The due date of the tax return.

By what date must Form 5472 by filed?
The due date of the tax return.

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Tel. (425) 502 9465
Fax. (425) 449 8712

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