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- Form 1040 and Form 5471 vs Form 1040 and Schedule C and Form 8858
Form 1040 and Form 5471 vs Form 1040 and Schedule C and Form 8858
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The Real Halloween
Level 7
08-29-2022
09:18 PM
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TP solely owned a foreign business entity and filed form 5471 with his form 1040 since the entity inception in 2015. TP confirmed that his previous CPA did not make the check the box election to treat the foreign business entity as a C corporation and the foreign business entity is not a per se corporation.
For 2021 and subsequent tax years, Can TP file his form 1040 with Schedule C plus Form 8858 (by treating foreign business entity with a single owner to be a disregarded entity) instead of form 1040 plus form 5471?
Thank you for your comment and time.
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