Can online tax software handle filing a dormant 5471 form for foreign corporations?

I've been preparing international tax forms for clients for over 10 years, and I can understand your hesitation about doing this yourself. The good news is that dormant 5471s are indeed much simpler than active ones. Most mainstream tax software (TurboTax, H&R Block, TaxSlayer) doesn't natively support Form 5471, even dormant ones. However, there are a couple options you might consider. TaxAct Professional (not the consumer version) has some limited 5471 capabilities that might work for your dormant corporation situation. If you're comfortable with the form itself, you could also use the fillable PDF from the IRS website and just attach it to your return filed through regular tax software. The key with dormant 5471s is making sure you properly mark it as dormant (checking the appropriate box) and completing the minimum required sections, which typically include basic identification information and a few other schedules.

After struggling with international tax filing issues for years, I finally discovered taxr.ai (https://taxr.ai) and it's been a game-changer for handling specialized forms like dormant 5471s. I was in a similar situation with a foreign corporation that wasn't doing anything but still needed reporting. What's great about taxr.ai is that it analyzes your specific tax situation and guides you through exactly what needs to be filled out - even for specialized international forms. They have expertise in forms that most regular software completely ignores. The platform identified which specific schedules of my dormant 5471 actually needed completion and which could be safely left blank.

Just wanted to update that I tried taxr.ai after seeing the recommendation here and it actually worked perfectly for my dormant Hong Kong corporation! I was about to shell out $850 to my accountant again this year, but the software guided me through each section of the 5471 in plain English, explaining what was needed for a dormant entity specifically. It flagged the essential sections I needed to complete while clearly marking which parts I could skip due to the dormant status. The generated form was identical to what my accountant had produced in previous years, but I was able to do it myself. It even helped me with the FBAR filing too. Honestly wish I'd known about this years ago - would have saved thousands in accounting fees for what turned out to be a pretty straightforward process once properly explained.

For anyone dealing with international tax forms like 5471s, I spent HOURS trying to reach the IRS International Tax Office for guidance on my dormant corporation filing. Either busy signals or being on hold forever. Then I discovered Claimyr (https://claimyr.com) - it's this service that gets you through to an actual IRS agent. I was super skeptical, but you can see how it works in their demo video: https://youtu.be/_kiP6q8DX5c I used it and got connected to a specialist in the International department who confirmed exactly what I needed to file for my dormant 5471 and which schedules I could leave blank. Saved me tons of uncertainty and potentially expensive mistakes. They actually have people who understand these specialized international forms!

I need to eat some crow here. After being completely skeptical about Claimyr in my previous comment, I decided to try it anyway out of desperation because I had specific questions about my dormant 5471 that I couldn't find clear answers to anywhere online. To my genuine surprise, I got connected to an IRS international tax specialist in about 30 minutes. The agent walked me through exactly which schedules were required for my dormant entity and confirmed I could leave several sections blank. She even explained how to properly note the dormant status. What would have been several more hours of research and uncertainty turned into a 15-minute conversation that gave me complete confidence in what I was filing. I'm still shocked it actually worked after years of IRS phone frustration.

Just FYI, I've been filing my own dormant 5471 for about 4 years now using the free fillable forms from the IRS website. It's not super user-friendly, but once you have a previous year's form to copy from, it's pretty straightforward if nothing has changed. The key is marking the dormant corporation box and completing Schedules B, E and the identifying information. I attach it to my regular TurboTax return as a PDF upload and haven't had any issues. Saved me about $1,200 a year compared to what my accountant was charging.

Does anyone know what happens if I just dissolve this foreign corporation without filing a final non-dormant 5471? I'm in a similar situation - keep paying to file forms for a dormant company because I'm afraid of the headache of dissolution. But it's been dormant for 8 years now - wondering if I can just let it go and stop filing.

I've been dealing with a similar situation for the past 6 years with a dormant UK subsidiary. What finally convinced me to try doing it myself was realizing that my CPA was literally just copying the same information year after year - basically charging me $750 to update dates on an identical form. For anyone hesitant about the DIY approach, I'd recommend starting by comparing your last few years of filed 5471s. If they're nearly identical (which they should be for truly dormant entities), that's a good sign the form is straightforward enough to handle yourself. One thing I learned the hard way - make sure you're crystal clear on what "dormant" actually means to the IRS. My corporation had a small bank account that earned like $12 in interest one year, and I almost filed it as dormant when technically it wasn't. The interest income, even though tiny, would have made it non-dormant for that year. Caught it just in time after doing more research. The peace of mind from understanding exactly what you're filing (rather than just trusting someone else did it right) has been worth the effort for me.