Form 5471 vs Form 5472
- Form 5471: US person owning a foreign corporation. Reports US person's ownership.
- Form 5472: Foreign-owned US LLC or corporation. Reports the US entity's foreign ownership.
- For non-resident Wyoming LLC owners: you file Form 5472, not 5471.
When 5471 could apply
- You became a US tax resident (over 183 days) and own a non-US company
- Your Wyoming LLC owns a foreign corporation as a subsidiary (rare structure)
- You are a US citizen abroad with foreign corporate ownership
If you are a US citizen reading this
US citizens and US permanent residents who own foreign corporations must file Form 5471. The form has several categories of filers and multiple schedules. Penalties for non-filing start at $10,000 per year per failure. Consult a US CPA familiar with international tax if you fit this scenario.