Prologue:
Controlled Foreign Corporations and Subpart F income were introduced here. Tax professionals about written about the dangers of Americans abroad carrying on business through a corporation. In addition to the tax problems (dividends, Subpart F, etc). there are also extremely invasive, expensive and penalty laden reporting requirements. In fact, Form 5471 is arguably America’s most deadly and dangerous form.
For those who want to understand this difficult topic better …
@VLJeker This is great stuff. What about a series on Form 5471?
— US Taxation Abroad (@TaxationAbroad) January 25, 2014
@VLJeker Since its hard to fit in your schedule, perhaps you can write posts focusing on a 5471 "schedule" at a time …
— US Taxation Abroad (@TaxationAbroad) January 25, 2014
Well, she has followed through. Form 5471 is the form required for “Foreign Corporations”. She has written this wonderful trilogy of posts on “Foreign Corporations”. Thank you Virginia La Torre Jeker for the following:
“What you need to know about foreign corporations, but couldn’t even imagine to ask “Triology”.