Newly formed CFC, When to file 5471?
Hi, my husband (Swiss citizen, U.S. resident/green card holder) formed a corporation in Switzerland in October 2009. He is the only shareholder (100%). According to Swiss law, the accounting period for this first year will be October 2009-December 31 2010, then will be Jan 1-Dec 31 for all following years. My question is... When does he need to start filing form 5471? Do I file one for the 2 months of 2009? Or do I wait until it completes one full accounting period?
Any help or insights are appreciated!
Comment on jaybeez's post
BUT... section 898(c)(1)(A)(I) 2 requires that specified foreign corporations have the same tax year as the majority U.S. shareholder.
Comment on wnhough's post
So even though the company did not exist until October, I still list it's accounting period as beginning 1/1/2009? Then all beginning of year amounts are 0? Thanks!