Changes to 2020 form 5471- US owners of foreign corporations

The IRS released the draft form 5471 and instructions for 2020, which show a myriad of updates to the form. Don’t miss: Gift tax FAQs New Categories Categories 1 and 5 have been expanded to 1a, 1b, 1c, 5a, 5b and 5c in order to separate those filers who are under some relief and may …

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