Form 5471 (Information Return of U.S. Persons With Respect to Certain Foreign Corporations) is used by U.S. citizens and residents who are officers, directors, or shareholders in certain foreign corporations.
Form 5471 is similar to a U.S. corporate income tax return but for foreign corporations and requires reporting of much of the same information, such as an income statement and balance sheet. Form 5471 contains important disclosure information and, in many cases, includes relevant information to determine the current U.S. tax liability of the U.S. shareholder of the foreign corporation.