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What is Form 5471 and who needs to file it?
This form is used for reporting financials of a foreign corporation in which an US person holds at least 10% of the shares. This includes any foreign corporation that operates your business or owns real property.

If you own 10% or more shares of a foreign corporation, you are required to file form 5471 every year with your income tax return. This applies to an individual who has not taken any income out of the corporation as well. The individual may have deemed dividends for US reporting purposes. If US citizens own over 50% of a foreign corporation and you are at least a 10% shareholder, you should include your pro-rata share of the foreign corporation's income in your US tax return.

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