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Who must file form 5471?
If a U.S. citizen is Director in a Private Limited Company in India and the company has not yet started operation, is the U.S. person required to file Form 5471 with the tax return? There are two directors and both owe 50%. The value of 50% shares is Rs. 50,000 (about $1000).
If the Indian Private limited company considered foreign corporation?
1 Answer
- 1 decade agoFavorite Answer
yes, it is.
you'll file 5471 for the owners beginning the first year that the business was owned. If that's 2008, then you have until Sept. 23 to file under the amnesty program. If that's 2009, then you have until June 30 next year to file.
If there are foreign bank accounts with the owners names on them, you also have to file TD F 90-22.1. There are multiple ways to file the forms depending on whether you will file at the corporate level.
Source(s): tax pro
