How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask socrateaser Your Own Question
socrateaser, Lawyer
Category: Tax
Satisfied Customers: 37869
Experience:  Retired (mostly)
Type Your Tax Question Here...
socrateaser is online now
A new question is answered every 9 seconds

Question, on a foreign corporation that was created and then

This answer was rated:

Question, on a foreign corporation that was created and then closed last year, which had not bank accounts, does a 5471 need to be filed (e.g. with 0's in it) or can something else be done instead so that a full 5471 doesn't need to be done?


The only way to determine whether or not an individual taxpayer has an obligation to file form 5471, is to review the Instructions, and fore each taxpayer, determine whether he/she falls within a particular "Category of Filers." The table on page 2 of the Instructions shows which forms must be filed by whom, dependent upon the criteria met by the individual taxpayer.

The fact that no bank accounts were opened, is generally irrelevant to the filing issue. Stock ownership in the corporation equal to or greater than 10%, or substantial control over the corporation is the primary trigger for filing requirements.

Hope this helps.
Customer: replied 3 years ago.

I did own the company 100%, so therefore 5471 with 0's would be filed ,right?



Yes, that's probably how I would handle the issue.

Hope this helps.
socrateaser and other Tax Specialists are ready to help you

Related Tax Questions