This form is for general instructions that apply to all corporation tax forms. It includes a variety of topics about how to fill out your form.Extensive reporting on Form 5471 is required for Taxpayers with ownership in a foreign corporation that is a Controlled Foreign Corporation ("CFC"). A new corporate tax applies to corporations and banks, other than federal S-corporations, that do business in New York City. For individuals who have ownership of a foreign corporation, the US tax filing requirements and reporting rules have become extremely onerous and invasive. The domestic status may be helpful to Corp X from a business viewpoint in negotiating loans, leases, and other similar items. The foreign corporation receives amounts under a contract for personal services of an individual whom the corporation has no right to designate (i.e. An individual U.S. shareholder can use Sec. Foreign investors may opt to invest in a U.S. corporation to "block" or avoid realizing. ECI.