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Video instructions and help with filling out and completing Can Form 1120 Schedule M 3 Worldwide

Instructions and Help about Can Form 1120 Schedule M 3 Worldwide

Music. Hi, I'm Brenda, a principal at US Tax IQ. Are you always required to file Form 5471? The answer is, it depends on your ownership. If you own more than 50%, in terms of vote or value, of a controlled foreign corporation, then yes, you are required to file. If you own less than 50%, for example, if you own 10%, you are still required to file Form 5471. If your ownership percentage goes either above 10% or below 10%, some tax practitioners will always file Form 5471 as a protective measure. However, due to the penalties for late filing, we don't take that approach. If you have any questions regarding your compliance needs and Form 5471, please feel free to contact us. Music.