Can a single person be required to file both Form 5472 and Form 5471?

Possibly. Separate ownership, classification, and transaction facts can create more than one international information-reporting question. Form 5471 and Form 5472 have different statutory tests, so review the current instructions and the taxpayer's facts rather than assuming that foreign ownership of an LLC establishes either filing obligation.

What is the penalty for not filing Form 5471?

The penalty for failing to file Form 5471 is $10,000 per year per foreign corporation, with continuation penalties of $10,000 per 90 days after IRS notice (up to $50,000 per year). This is less than Form 5472's $25,000 penalty but still substantial.

I'm a US citizen who recently moved abroad — which form do I file?

Your citizenship, not your residence, determines which form applies. As a US citizen, you are a US person for tax purposes regardless of where you live. If you own shares in a foreign corporation, you file Form 5471. If you own a US LLC (which would not be foreign-owned since you're a US citizen), neither form applies to you in that capacity.

My US company acquired a foreign subsidiary — what do I file?

Your US company files Form 5471 to report ownership of the foreign subsidiary. This is different from Form 5472, which is filed by the US entity when it is owned by a foreign person.

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Form 5472 vs Form 5471

Form 5472 and Form 5471 are frequently confused. Learn how the reporting rules differ for certain foreign-owned U.S. entities and U.S. owners of foreign corporations.

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