This instructions are basically what I have been looking for for the past month. Your hard work on making such valuable contents is greatly appreciated.
Jason, you are a "Savior"!!! Your video's are awesome.. I just got hired by a CPA firm as a Staff Accountant. I have worked in the Public sector before years ago, but now I have to brush up on the basics. I accidentally stumbled upon your video. I have never seen such clean, clear, and precise instructions. Thank you so much.
Jason - thank you for all your time and effort in making the videos on this topic - these are seriously some of the best instructions on the forms out there!
Thanks Jason for your great videos. Your channel is one of the channels I am take a look at the first moment when trying to understand tax laws and forms. You understand well both legal and accounting sides so your explaining is clearly and precisely.
Thank you so much Jason for creating this video series. You saved me a considerable amount of time and expense by clearly explaining how to complete this overly-complex IRS form. Will certainly reach out to you/your firm if I require more specific advice in the future. Much appreciated!
Greetings, From Costa Rica. I am E. A I love how you explain, and the points you talked about are essential for the form, so from the bottom of my heart, thank you. I learn a lot! 👍
Hey! Massive save thank you, discovered a few years ago that, as an accidental American, I need to submit US tax returns. Completed the streamline service and now submit a return annually (£500 cost). Started a business in Oct 2023, now find out I need to complete form 5471 and accountant wants $1600 for a form on a business that did not operate at a profit, crazy! I thought you guys fought the UK to get away from this kind of rubbish, haha. Thanks for the save, I own 33% of the business. Am I correct thinking I don't qualify as category 1 (as the only US person involved, not a CFC?), qualify for 2 for sure, but what about 3? Don't qualify for 4 or 5. Have just started another business, which I own 100% of. I believe this income can get filed under my personal tax return for now, as I'm the only employee, but will need to look into 1120-F and 5471 for this soon? Who do you recommend to help a UK based US person with their accounting and financial planning? Absolute mine field!
This serials is great video, but honestly you should use a more typical company doing normal business, that will be much more helpful for beginners to know how to file for a common foreign business. Thank you again!
Thanks for these helpful videos! Going to check them all out. Just selecting the correct category filer is confusing to me. If you already own 30% of CFC, are you a category 3 filer? Or you are category 3 only in the year of the acquisition of the 30%?
Great video. If you have two brother that each own 50% each of the foreign corporation are they considered to have control. Even though no one owns more than 50%
Hi Jason, great video. Question on the 5471, if the filer (taxpayer) owns 50% of a foreign corp and another US citizen owns 50% of the foreign corp, does the taxpayer need to list the other owners name, social and ownership percentage on the 5471 he (taxpayer) is filing?
Hi Jason - great video - I'm a US citizen who is 50/50 in a foreign corp with a non US-person. So I believe that is NOT a CFC. However , i'm over 10% ownership. Does that mean I have to file a form 5471? Thanks.
Quick question: What schedules of 5471 I have to fill ? If I fill only 5471 (without schedules), will that be ok? Please advice a) Funds exists in the bank and interest income from these. Used to cover the previous years company loss. Dormant company i.e., not active. No other income. b) Canadian company, 100% owned, Category 4 type filer based on your video. Thanks in Advance, Excellent presentation!
You should file the Form 5471 with all of the schedules required for the type of category of filer. Even if the schedule will show all zeroes, it is still required per the instructions. It is not uncommon for U.S. shareholders of a CFC to file a Form 5471 with many schedules that have zero values.
@@JasonDKnott Thank you for the reply! Sorry my bad, I was not clear. (a) My foreign company is a dormant company, generates less than 5000 dollar revenue/income/receipts... (b) Unfortunately Turbotax Individual do not support. I have to print and send the whole return. Is it ok, to do e-file individual tax return and send Form 5471 alone later to IRS? TIA
Hi Jason thank you SO MUCH for all your effort putting out these videos. I watch already almost them all. But l have a question. I live over seas for many years and l have a home base online shop. Do l need to file Form 5471 also?
Hi Jason, Fake offshore company ltd's business activity is in to investments,then interest, dividends, and other incomes come into General category of income for the entity, how come these are subpart F income for the entity?
I am reporting UK limited company based on fiscal year for an American individual who files corporation form 5471 in the US. My question is does US GAAP allows fiscal year for UK limited company who is reporting financial transactions in a US corporation form and does the financial statements needs to be converted to match US calander year or can the fiscal year numbers gets reported under US GAAP directly on Sch C and Sch F without any apportioning? If yes, is there a code under US GAAP you can direct me to please?
This instructions are basically what I have been looking for for the past month. Your hard work on making such valuable contents is greatly appreciated.
You’re welcome. I’m glad to hear the videos are helpful!
I have searched for a long time and never found the answers. This video is AMAZING and extremely Helpful. Very grateful for your time. Thank you!
You're welcome. I'm happy to hear the videos are helpful.
Jason, you are a "Savior"!!! Your video's are awesome.. I just got hired by a CPA firm as a Staff Accountant. I have worked in the Public sector before years ago, but now I have to brush up on the basics. I accidentally stumbled upon your video. I have never seen such clean, clear, and precise instructions. Thank you so much.
Glad to help. Best of luck with your new position!
Jason - thank you for all your time and effort in making the videos on this topic - these are seriously some of the best instructions on the forms out there!
I'm glad they are helpful. Thanks for watching!
Thanks Jason for your great videos. Your channel is one of the channels I am take a look at the first moment when trying to understand tax laws and forms. You understand well both legal and accounting sides so your explaining is clearly and precisely.
This is super helpful.
Thanks for the support!
Thank you so much Jason for creating this video series. You saved me a considerable amount of time and expense by clearly explaining how to complete this overly-complex IRS form. Will certainly reach out to you/your firm if I require more specific advice in the future. Much appreciated!
감사합니다.
Thank you for the support!
I appreciate your content and it really helps me a lot!
Thank you so much! I'm happy to hear they are helpful.
Greetings, From Costa Rica. I am E. A I love how you explain, and the points you talked about are essential for the form, so from the bottom of my heart, thank you. I learn a lot! 👍
Thank you for watching. I'm glad the video was helpful.
excited! Glad u r back!
Thanks!
Jason- This is a very helpful video - thank you very much!
Subcribed! This Jason guy is awesome.
Thank you for the support!
Thank you so much for your detailed explanation!
You're very welcome!
Thanks Jason!
You're welcome!
Hey! Massive save thank you, discovered a few years ago that, as an accidental American, I need to submit US tax returns. Completed the streamline service and now submit a return annually (£500 cost). Started a business in Oct 2023, now find out I need to complete form 5471 and accountant wants $1600 for a form on a business that did not operate at a profit, crazy! I thought you guys fought the UK to get away from this kind of rubbish, haha. Thanks for the save, I own 33% of the business. Am I correct thinking I don't qualify as category 1 (as the only US person involved, not a CFC?), qualify for 2 for sure, but what about 3? Don't qualify for 4 or 5. Have just started another business, which I own 100% of. I believe this income can get filed under my personal tax return for now, as I'm the only employee, but will need to look into 1120-F and 5471 for this soon? Who do you recommend to help a UK based US person with their accounting and financial planning? Absolute mine field!
This serials is great video, but honestly you should use a more typical company doing normal business, that will be much more helpful for beginners to know how to file for a common foreign business. Thank you again!
Thank you!
You're welcome!
thank you for the effort .
Happy to help!
Thanks for these helpful videos! Going to check them all out. Just selecting the correct category filer is confusing to me. If you already own 30% of CFC, are you a category 3 filer? Or you are category 3 only in the year of the acquisition of the 30%?
Great video. If you have two brother that each own 50% each of the foreign corporation are they considered to have control. Even though no one owns more than 50%
Hi Jason, great video. Question on the 5471, if the filer (taxpayer) owns 50% of a foreign corp and another US citizen owns 50% of the foreign corp, does the taxpayer need to list the other owners name, social and ownership percentage on the 5471 he (taxpayer) is filing?
Hi Jason - great video - I'm a US citizen who is 50/50 in a foreign corp with a non US-person. So I believe that is NOT a CFC. However , i'm over 10% ownership. Does that mean I have to file a form 5471? Thanks.
Could you make a tutorial for Form 3520 and 3520-A ?
Yes! We can certainly add some tutorials on foreign trust reporting.
Quick question: What schedules of 5471 I have to fill ? If I fill only 5471 (without schedules), will that be ok? Please advice
a) Funds exists in the bank and interest income from these. Used to cover the previous years company loss. Dormant company i.e., not active. No other income.
b) Canadian company, 100% owned, Category 4 type filer based on your video.
Thanks in Advance, Excellent presentation!
You should file the Form 5471 with all of the schedules required for the type of category of filer. Even if the schedule will show all zeroes, it is still required per the instructions. It is not uncommon for U.S. shareholders of a CFC to file a Form 5471 with many schedules that have zero values.
@@JasonDKnott Thank you for the reply! Sorry my bad, I was not clear.
(a) My foreign company is a dormant company, generates less than 5000 dollar revenue/income/receipts...
(b) Unfortunately Turbotax Individual do not support. I have to print and send the whole return. Is it ok, to do e-file individual tax return and send Form 5471 alone later to IRS?
TIA
Hi Jason thank you SO MUCH for all your effort putting out these videos. I watch already almost them all. But l have a question. I live over seas for many years and l have a home base online shop. Do l need to file Form 5471 also?
Hi Jason, Fake offshore company ltd's business activity is in to investments,then interest, dividends, and other incomes come into General category of income for the entity, how come these are subpart F income for the entity?
I am reporting UK limited company based on fiscal year for an American individual who files corporation form 5471 in the US. My question is does US GAAP allows fiscal year for UK limited company who is reporting financial transactions in a US corporation form and does the financial statements needs to be converted to match US calander year or can the fiscal year numbers gets reported under US GAAP directly on Sch C and Sch F without any apportioning? If yes, is there a code under US GAAP you can direct me to please?
What's the fee to prepare a "simple" 5471 like you are demonstrating here? Ballpark?
Hi Jason, If a foreign corporation is not engaged in a trade or business within the United States and with no income, do i still need to file 5471?
If a married filing joint own the foreign corp, Do i have to file 2 5471's or can I just file one and report both shareholders?