If you are a US citizen or resident alien and are an officer, director, or shareholder in certain foreign corporations, you must file IRS Form 5471, Information Return of US Persons with Respect to Certain Foreign Corporations, along with your expat taxes.
When filing your expat taxes, it is critical to consult with your Tampa tax accountant to ensure that you file correctly and on time.
Many US expats misread the regulations about who must file Form 5471. To put it simply, the filing requirement applies to every US person (including US residents, partnerships, companies, trusts, and estates) who owns at least 10% of a foreign corporation.
To be more specific, the IRS has identified four main categories of US persons who must file Form 5471 along with their yearly US expat taxes... [read more]