Even from reputable CPA firms (forget about the online expat boiler rooms), I have seen Form 5471 and its schedules completely and utterly butchered. Wrong filing categories, wrong schedules completed based on the filing categories indicated, missing information all over the place, required statements not attached (even where it says 'SEE STMT' and there's no statement), completely wrong exchange rates used, balance sheets that don't balance. Congress and the IRS are utter bastards for not creating a higher threshold for filing, or for dormant filing, or creating a max 2-3 page "5471-EZ" for, e.g., foreign corporations with a small number of individual owners and under say $1 million (or $5 million) in revenue.