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Form 5471


When a U.S. person (USP) is required to file a Form 5471 (an information return) under IRC 6046(a), it is filed by attaching it to an individual income tax return, a partnership return, a corporation return, an estate return or a trust return. It shall be filed on the due date including extensions for that return. In addition, a continuation penalty of $10,000 per Form 5471 may be assessed for every 30-day period (or fraction thereof) beginning 90 days after the USP was notified that a failure exists.

The maximum continuation penalty per Form 5471 is $50,000. These penalties may apply to each required Form 5471 on an annual basis. Criminal penalties may also apply for failure to file the information required by IRC 6046. See Page 3