Self-serve checker, rules checked November 2, 2026

Do I Need to File Form 5471?

Six questions, based on the IRS Form 5471 instructions, for US citizens, green card holders and US companies connected with a foreign company anywhere in the world.

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Quick answer

Who has to file Form 5471?

Certain US persons connected with a foreign corporation. The instructions include those who control it through more than 50% of vote or value (Category 4), US shareholders owning 10% or more of a controlled foreign corporation (Category 5), those who cross the 10% line (Category 3), and US officers or directors when a US person acquires 10% (Category 2). The penalty for not filing is US$10,000 for each corporation for each year.

Prepared by Illuminous Accounting · Sources checked November 2, 2026

The checker

1. Are you a US person?
2. How much of the foreign corporation do you own, by vote or value?

Count shares held directly, through companies or trusts, and shares of close family, which can be attributed to you.

3. Together, do US persons who each own 10% or more hold more than 50% of the corporation?
4. This year, did you buy or sell enough shares to reach or fall below 10%, or become a US person while holding 10% or more?
5. Are you an officer or director of the corporation?
6. This year, did any US person acquire a stake that reached 10%, or an additional 10% or more?

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Next steps

If you likely need to file, see our Form 5471 filing service. If you have missed years, see late Form 5471. If the company is inactive, see dormant foreign corporations. The full list of categories is in our Form 5471 guide.

Common questions

Does the checker cover family ownership?

It asks you to count it, but attribution rules can be complex, so a result that depends on family ownership needs review.

Is anything saved?

No. It runs in your browser, and your answers are not stored or sent.

Does this tell me what US tax I owe?

No. Form 5471 is an information return. Income inclusions are a separate question; see our guide for US citizens with a Canadian company.

Sources

Every rule and figure on this page links to the IRS, CRA or other official source it comes from. Amounts change; we re-check them before each engagement.

Gurleen Kaur, CPA licensed in British Columbia and Washington State. Last updated November 2, 2026. This page is general information, not tax or legal advice for your situation.

Related guides: Form 5471 service, Form 5471 guide, US citizens with a Canadian company.

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