Important revisions to Form 5471 filing instructions

February 2013

Overview

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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