Fixed quote after we review your financial statements
Form 5471 Filing Service for Americans Living Abroad Who Own a Foreign Company
If you are a US citizen or green card holder abroad with your own company, whether a Canadian corporation, UK Ltd, French SASU, German GmbH, Australian Pty or Singapore Pte, Form 5471 usually comes back every year with your US return. We prepare it from the company's financial statements and file it with your return, year after year. Done remotely for US citizens anywhere; prepared and signed by Gurleen Kaur, US CPA (Washington #41150).
Quick answer
What does a Form 5471 filing service include?
Form 5471 is the information return that certain US citizens and residents who are officers, directors or shareholders of foreign corporations file (IRS). A filing service confirms your filer category, works out which schedules apply, prepares the form from the corporation's financial statements, translates the amounts to US dollars as the instructions specify, and attaches it to your income tax return by the due date, including extensions (Form 5471 instructions). The penalty for not filing is US$10,000 for each annual accounting period of each foreign corporation.
At a glance
- Who files
- Certain US citizens, residents and entities connected with a foreign corporation; five main categories
- When
- With your income tax return, by its due date including extensions. See our deadline calendar
- Penalty
- US$10,000 per corporation per year, and up to US$50,000 more after an IRS notice
- Our fee
- A written scope and fixed quote, after we review the corporation's financial statements
- Source
- Form 5471 instructions, checked November 1, 2026
Who needs it
A short version of the categories in the Form 5471 instructions. Ownership can be direct, indirect or attributed through family and entities, so the category depends on your facts. The full list is in our Form 5471 guide.
| Your situation | Usual category | How often |
|---|---|---|
| A US citizen or green card holder abroad who owns more than 50% of a foreign company, by vote or value | Category 4, and usually Category 5a as well | Every year you have control |
| A US person who owns 10% or more of a foreign corporation that is controlled by US shareholders | Category 5 | Every year it applies |
| A US person who buys or sells enough shares to cross the 10% line | Category 3 | The year of the change |
| A US citizen or resident who is an officer or director when a US person acquires a 10% stake | Category 2 | The year of the acquisition |
Typical situations
Which of these fits decides your category, your schedules and the fee.
| Situation | What usually comes with it |
|---|---|
| An owner-run small company, such as a consulting or online business | A yearly filing, as the company is usually a controlled foreign corporation. Profits left inside can raise section 951A questions |
| A professional corporation in Canada | A yearly filing for the owner, alongside the corporation's Canadian returns |
| A holding company with investments or property | A risk of Subpart F income, and sometimes PFIC questions |
| A family business abroad where you hold 10% or more | Ownership can be counted across family members, so the category needs checking |
| A dormant company | A shorter summary filing, only if it meets the conditions in Rev. Proc. 92-70. See dormant foreign corporations |
| Buying or selling across the 10% line | A filing for the year of the change, and possibly further filings |
| An officer or director with little or no ownership | A limited filing when a US person acquires a 10% stake |
| Closing the company | A final-year filing, and possibly tax on the way out in each country |
| Never filed | Late years first, then the yearly filing. See late Form 5471 |
What we can take on
Each engagement starts with a written scope and a fixed quote. We set the quote after reviewing your financial statements, so you know the fee before work begins.
From US$750 per company per year. A dormant company from US$300.
More than one company, Schedule I-1 and GILTI calculations, or a history of earnings and profits to rebuild raise the fee; these are quoted in writing after review.
One corporation, one year
Form 5471 and the schedules your category requires, for one foreign corporation and one tax year, prepared from the corporation's financial statements and filed with your US return. Request a quote
Late years
Forms 5471 for missed years, a reasonable-cause statement, and a plan for which IRS route fits your facts. Each year is prepared and supported separately. Request a quote
Every year handled
For owner-managers who want this looked after each year: Form 5471 with your Form 1040, the related US calculations, and FBAR reporting on company accounts. Request a quote
Often needed alongside it
| Often needed alongside Form 5471 | Why |
|---|---|
| Form 8992 (IRS) | Computes the section 951A inclusion, historically called GILTI, for US shareholders of controlled foreign corporations |
| Form 1116 | Foreign tax credit, where one is claimed on your return |
| Form 926 | Certain transfers of property to a foreign corporation |
| Form 8938 | Foreign financial assets above the thresholds, which can include the shares of your company |
| Streamlined catch-up | Earlier years, if returns or income were also missed and the failure was not willful |
| Section 962 election review | Whether to be taxed at corporate rates on certain inclusions, so company taxes can be credited |
| FBAR | Signature authority or a financial interest in company accounts outside the US |
| Form 8865 or Form 8858 | Foreign partnerships, disregarded entities and branches in the same group |
What drives the fee
- Number of corporations. Each one needs its own form.
- Number of years. Each late year is prepared and supported separately.
- Your category. It sets which schedules are required.
- Records. Year-end statements and clean share records take less work than missing ones.
- The group. Holding companies, subsidiaries and related-party transactions add schedules.
- IRS contact. Responding to a penalty notice is a separate scope.
The main schedules
Which of these apply depends on your category (instructions, schedule titles):
- Schedules A and B: the company's stock and its US shareholders
- Schedules C and F: income statement and balance sheet
- Schedules E and E-1: foreign income taxes paid or accrued
- Schedules G and G-1: other information
- Schedules H and J: current and accumulated earnings and profits
- Schedule I: your share of Subpart F and other income
- Schedule I-1: information for section 951A, historically called GILTI
- Schedule M: transactions with shareholders and related persons
- Schedule O: Part I for officers and directors, Part II for those buying or selling stock
- Schedules P, Q and R: previously taxed earnings, income groups and distributions
Category 3 filers also attach a statement covering the company's indebtedness with related persons and its share subscribers. For where Subpart F, section 956 and section 951A amounts land on your return (Schedule 1, lines 8n and 8o), see the Form 5471 guide.
Penalties and why missed years stay open
- The penalty. US$10,000 for each annual accounting period of each foreign corporation. If the information is still missing 90 days after the IRS mails a notice, a further US$10,000 applies for each 30-day period or part of one, up to US$50,000 for each failure (IRS).
- Foreign tax credits. Failing to file can also reduce the foreign taxes available for credit by 10%, with further reductions if the failure continues (26 U.S.C. 6038(c)).
- The time limit. The IRS time limit to assess tax does not run out until 3 years after the information is furnished. Where the failure was due to reasonable cause and not willful neglect, this is limited to the items related to the failure (26 U.S.C. 6501(c)(8)).
- Criminal penalties may also apply in some cases, according to the instructions.
Behind on Form 5471?
| Your situation | Route to look at | What it means |
|---|---|---|
| All income was reported and only information returns were missed; the IRS has not contacted you | Delinquent international information return procedures | Late forms attached to an amended return, with a reasonable-cause statement. The IRS says penalties may be assessed before it reviews the statement, so you may need to respond to letters |
| Income was also left off, or returns were missed, and the failure was not willful | Streamlined procedures; see IRS Streamlined filing | Returns, FBARs and information returns for the covered years, with a certification of non-willful conduct |
| You are not sure, or you already received an IRS letter | Late Form 5471 and our catch-up guide | Choose the route before filing anything, because what you file first can affect what remains open to you |
We do not promise any outcome; the IRS decides penalties.
How it works
- Send your request. Tell us about the corporation, your ownership and which years are open, using the form below.
- Review and fixed quote. We review the financial statements and give you a written scope and fee.
- Preparation and review. We prepare the form and the schedules that apply, and go through them with you.
- Filing. The form goes in with your income tax return, and we keep your file for the next year.
What we need from you
- The corporation's financial statements and T2 return, or the local equivalent, for each year
- Share register and any changes in ownership during the year
- Articles or certificate of incorporation
- Payments, loans and dividends between you, your family and the corporation
- Your US returns and any earlier Forms 5471
- Any IRS letters
Please do not send tax IDs or statements through the website form. If we work together, documents come in through our secure client portal.
Common questions
Do you handle GILTI, Subpart F and section 956 as well?
Yes, as part of the US filing. They can create income on your return even with no dividend. See where they go in the Form 5471 guide.
How much does a Form 5471 filing cost?
We give a written scope and fixed quote after reviewing the corporation's financial statements. The fee depends on the number of corporations and years, your filer category, your records and whether the corporation has subsidiaries or related-party transactions.
I own 100% of my BC corporation. Do I file Form 5471?
Usually yes, if you are a US citizen or green card holder. A US person who owns more than 50% of the vote or value of a foreign corporation is generally a Category 4 filer under the instructions, and the form is filed each year with the US return.
My corporation paid no dividends. Do I still file?
Usually yes. Form 5471 reports on the corporation and is not tied to whether it paid you anything. The same facts can also matter for section 951A and Subpart F income, which US shareholders can have to include even without a dividend.
Does my Canadian accountant file this?
Form 5471 is a US form that goes with your US return. It is separate from the corporation's T2 and your T1, so it is worth confirming who is responsible for it. We can work from the statements your Canadian accountant prepares.
What if the corporation had no activity?
The instructions refer to a summary filing procedure for a dormant foreign corporation under Rev. Proc. 92-70, which satisfies the reporting requirements if the corporation meets that definition. See dormant foreign corporations.
Can one Form 5471 cover me and my spouse?
In some cases. The instructions let one person file for others who have the same or fewer filing requirements, and a joint return is possible. Each person's category still has to be checked.
What is the penalty for not filing?
US$10,000 for each annual accounting period of each foreign corporation, and if the information is still missing 90 days after an IRS notice, a further US$10,000 for each 30-day period, up to US$50,000 for each failure.
I have never filed Form 5471. What now?
If the IRS has not contacted you, the usual routes are the delinquent international information return procedures or, if income or returns were also missed and the failure was not willful, the Streamlined procedures. Choose the route before filing anything.
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.
- IRS: Instructions for Form 5471 (Rev. December 2025)
- IRS: About Form 5471 (reviewed September 17, 2026)
- IRS: About Form 8992
- IRS: About Form 926 (reviewed March 31, 2026)
- IRS: Instructions for Form 8938
- 26 U.S.C. 6038, penalties and reasonable cause (Cornell LII)
- 26 U.S.C. 6501(c)(8), time limit to assess tax (Cornell LII)
- IRS: Delinquent international information return submission procedures (reviewed April 19, 2026)
- IRS: Streamlined filing compliance procedures
Gurleen Kaur, CPA licensed in British Columbia and Washington State. Last updated November 1, 2026. This page is general information, not tax or legal advice for your situation.
Related guides: Form 5471 guide, Late Form 5472 filing, Late Form 5471, Dormant corporations, US citizens with a Canadian company, Form 1116, IRS amnesty and Streamlined, Behind on US filings, Form 8865, Form 8858.
Request a quote for your Form 5471
Tell us your situation in a few lines. We confirm whether we can help, what records matter and the next step. Substantive advice begins under a paid diagnostic or signed engagement.
Prepared and signed by a licensed US CPA who can represent you before the IRS. Verify Gurleen Kaur's Washington licence (#41150) on CPAverify