Important revisions to Form 5471 filing instructions

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The IRS recently made two important revisions to the filing instructions for Form 5471 (Information Return of U.S. Persons With Respect to Certain Foreign Corporations) for 2012. First, Category 5 filers may now claim the constructive ownership exception, which should reduce the filing burden for a large number of prior Category 5 filers. Second, taxpayers who claim this exception are no longer required to attach the statement described in the instructions for Item D (Person(s) on Whose Behalf This Information Return Is Filed) to their tax returns.

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