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Do you need to file Form 5471 or Form 8858?
Nonprofit and Church Legal Trends - Free Edition - July August 2007 (free edition)
Do you need to file Form 5471 or Form 8858? Information Return of U.S. Persons with Respect to Certain Foreign Corporations.
As the focus on terrorist activities has grown, so has the interest in our government in tracking foreign activities of U.S. citizens or nonprofits. Form 5471, the latest revision of which was in December, 2006, is another attempt by the IRS to collect information about certain foreign activities of U.S. citizens and residents. There has been some confusion in the nonprofit community about who needs to file this form. This is not surprising because the description of who must file takes an entire page of explanation in the instructions. If a nonprofit is operating a business separately formed in a foreign country, there is a good chance that the nonprofit is a U.S. person required to file. This article takes a detailed look at who must file.
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