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5471 Schedule M for Form

5471 Schedule M for Form

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good afternoon this is Sean Golding with Golding and Goldman here to discuss the basics of four and fifty 471 IRS Form 54 71 is a relatively complicated international information reporting form the reason why is it's used to report foreign corporations and it has a bookkeeping element to it so if you're just if you let's say you had a foreign asset maybe you own two percent of a company and you have to go ahead and file what's called a form 8938 it's a relatively simpler form you have to indicate the max balance value of your stock ownership let's say and some other information of any income was generated things like that with a fifty four seventy one depending on what category follow you are which we'll get into in a minute there is a whole laundry list of reporting requirements generally the 54 71 is going to be due at the same time that your tax return is due and therefore if you have to file an exception for your tax return th

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