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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 577
Experience:  10 years experience
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JA: . What is your issue regarding? Customer: I

Customer Question

JA: Hi. What is your issue regarding?
Customer: I have a question about an offshore company in which i own 25%
JA: The Accountant will know how to help. Please tell me more so we can help you best.
Customer: I registered a company in Hong Kong in October 2015, where I own 25%. We haven't done any business transactions yet and there is still no bank account for the company. So there was 0 income as no business has been done.I've read that all US-citizens need to file a Form 5471 (,-Information-Return-of-U.S.-Persons-With-Respect-to-Certain-Foreign-Corporations).Do I need to submit Form 5471?
JA: Anything else I can tell the Accountant before I connect you two?
Customer: no
JA: I'm sending you to a secure page on JustAnswer so you can place the $5 fully refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and connect you two.
Submitted: 6 months ago.
Category: Tax
Expert:  Angie replied 6 months ago.
Yes, you will need to submit a 5471. Since you had no income, you will just enter zeroes in those boxes. However the other information requested on the form will need to be filled out. This form is basically to satisfy reporting requirements. I hope this has answered your question. Have a great day.

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