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Sorry another tax question, Form 5471

Sorry another tax question, Form 5471

Old Feb 9th 2017, 12:47 pm
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Default Sorry another tax question, Form 5471

Anyone attempted one of these before? I do the rest of my tax return using Turbo Tax, but this one might just require some expert help
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Old Feb 10th 2017, 12:21 am
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Default Re: Sorry another tax question, Form 5471

Why do you think you need to file it?

Generally it doesn't make sense for an average person to have a foreign corporation, usually it makes more sense to dissolve it and start a corporation in the US, which avoids the need to file the form.

Not that 1120 is a piece of cake but it's easier than 5471.
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Old Feb 10th 2017, 1:14 pm
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Default Re: Sorry another tax question, Form 5471

Thanks Steve. If i was the only shareholder, then you would probably be right, but in this case it was not an option.
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Old Feb 10th 2017, 3:18 pm
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Default Re: Sorry another tax question, Form 5471

Originally Posted by newadventure
Thanks Steve. If i was the only shareholder, then you would probably be right, but in this case it was not an option.
Has the entity made a check the box election? If not, can it and should it?
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Old Feb 10th 2017, 6:25 pm
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Default Re: Sorry another tax question, Form 5471

Ooh good question. I have no idea. I'm off to find my opener for that can of worms
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