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Unreported Foreign Corporation Ownership? Streamlined Filing May Help Reduce Form 5471 Penalties.
If you own 10% or more of a controlled foreign corporation and have not filed Form 5471, you face automatic IRS penalties of $10,000 per form, per year, per corporation, with continuation penalties pushing the maximum to $60,000 per form per year under IRC Section 6038(b). The statute of limitations on your entire tax return