I work in the US and own 33% of a foreign company. Last year I received no income from this company. I'm trying to understand whether I need to file form 5471 (or any other form) regarding this.
I've checked several IRS links but I'm still unclear whether it's needed.
Do I still need to file form 5471 (or any other form apart from 1040) for my income tax statement?
Do I need to specify anything on my 1040 form?
How do I avoid the USD 10k penalty if the IRS determines I actually had to file this?