Form 5471 Decoded: A US Shareholder's Guide to Filing Categories, Schedules, and Avoiding Six-Figure Penalties
Form 5471 carries automatic $10,000-per-corporation initial penalties capped at $60,000 per year for U.S. persons who own, control, or serve as officers of foreign corporations. Covers the five filing categories, modular schedules, GILTI's rename to NCTI for tax years beginning after December 31, 2025, and the Streamlined and Delinquent Submission routes back into compliance.
