OMB No. 1545-0704 Information about Schedule J Form 5471 and its instructions is at www.irs.gov/form5471. Accumulated Earnings and Profits E P of Controlled Foreign Corporation SCHEDULE J Form 5471 Rev. December 2012 Department of the Treasury Internal Revenue Service Name of person filing Form 5471 Identifying number Name of foreign corporation Important Enter amounts in functional currency. Attach to Form 5471. EIN if any a Post-1986 Undistributed Earnings post-86 section 959 c 3 balance b...Pre-1987 E P Not Previously Taxed pre-87 section Reference ID number see instructions c Previously Taxed E P see instructions sections 959 c 1 and 2 balances i Earnings Invested in ii Earnings Invested in iii Subpart F Income U*S* Property Excess Passive Assets d Total Section 964 a E P combine columns a b and c Balance at beginning of year 2a Current year E P b Current year deficit in E P Total current and accumulated E P not previously taxed line 1 plus line 2a or line 1 minus line 2b Amounts...included under section 951 a or reclassified under section 959 c in current year 5a Actual distributions or reclassifications of previously taxed E P taxed E P 6a Balance of previously taxed E P at end of year line 1 plus line 4 minus line 5a b Balance of E P not previously taxed at 7 Balance at end of year. Enter amount from line 6a or line 6b whichever is applicable. For Paperwork Reduction Act Notice see the Instructions for Form 5471. Attach to Form 5471. EIN if any a Post-1986 Undistributed...Earnings post-86 section 959 c 3 balance b Pre-1987 E P Not Previously Taxed pre-87 section Reference ID number see instructions c Previously Taxed E P see instructions sections 959 c 1 and 2 balances i Earnings Invested in ii Earnings Invested in iii Subpart F Income U*S* Property Excess Passive Assets d Total Section 964 a E P combine columns a b and c Balance at beginning of year 2a Current year E P b Current year deficit in E P Total current and accumulated E P not previously taxed line 1...plus line 2a or line 1 minus line 2b Amounts included under section 951 a or reclassified under section 959 c in current year 5a Actual distributions or reclassifications of previously taxed E P taxed E P 6a Balance of previously taxed E P at end of year line 1 plus line 4 minus line 5a b Balance of E P not previously taxed at 7 Balance at end of year. Enter amount from line 6a or line 6b whichever is applicable. For Paperwork Reduction Act Notice see the Instructions for Form 5471.
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How to fill out IRS 5471 - Schedule J
Instructions and Help about IRS 5471 - Schedule J
How to edit IRS 5471 - Schedule J
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How to fill out IRS 5471 - Schedule J
Filling out the IRS 5471 - Schedule J requires detailed financial information concerning foreign corporations. Start by gathering data about the corporation, including income, expenses, and shareholder details. Use pdfFiller to complete and store your form digitally, ensuring to follow each section carefully as outlined in the instructions included with the form.
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All You Need to Know About IRS 5471 - Schedule J
What is IRS 5471 - Schedule J?
What is the purpose of this form?
Who needs the form?
When am I exempt from filling out this form?
Components of the form
What are the penalties for not issuing the form?
What information do you need when you file the form?
Is the form accompanied by other forms?
Where do I send the form?
All You Need to Know About IRS 5471 - Schedule J
What is IRS 5471 - Schedule J?
IRS 5471 - Schedule J is a tax form used by U.S. citizens or residents who are shareholders in a foreign corporation. This form is part of the IRS Form 5471, which is aimed at reporting information concerning foreign corporations and their activities.
What is the purpose of this form?
The primary purpose of IRS 5471 - Schedule J is to report a foreign corporation’s income, deductions, and other essential financial details. This information helps the IRS ensure that U.S. taxpayers are complying with tax obligations related to foreign income and investments.
Who needs the form?
U.S. citizens or residents who own shares in a foreign corporation must file IRS 5471 - Schedule J if they meet specific ownership thresholds. This form is typically required for individuals who control a foreign corporation or are considered U.S. shareholders under the applicable IRS regulations.
When am I exempt from filling out this form?
You are exempt from filing IRS 5471 - Schedule J if you meet certain criteria, such as being a passive foreign investment company (PFIC) shareholder or if the foreign corporation is not a controlled foreign corporation (CFC). Additionally, certain low thresholds of ownership may qualify for exemption.
Components of the form
The form consists of various sections that require disclosure of the corporation’s income, tax information, and other financial data. Typical components may include reporting details on foreign tax credits, calculations of income tax owed, and potential adjustments for prior-year claims.
What are the penalties for not issuing the form?
Failing to file IRS 5471 - Schedule J can result in severe penalties, including fines of up to $10,000 for each form that is not timely filed. Moreover, ongoing non-compliance can lead to additional scrutiny from the IRS, including potential audits or assessments of back taxes.
What information do you need when you file the form?
When filing IRS 5471 - Schedule J, you need comprehensive details regarding the foreign corporation, including financial statements, records of income and expenses, and identification of all shareholders. Ensure you collect all this information before starting the form to facilitate accurate reporting.
Is the form accompanied by other forms?
IRS 5471 - Schedule J is usually filed alongside Form 5471. Depending on your specific circumstances, it may also be necessary to include supplementary forms that provide additional information about foreign income or operations.
Where do I send the form?
Once completed, send IRS 5471 - Schedule J to the address specified in the IRS Form 5471 instructions. The submission may need to be included with your tax return, so verify submission guidelines based on your filing requirements.
FAQ about IRS 5471 - Schedule J
What to do if you discover an error after filing IRS 5471 - Schedule J?
If you find an error after submitting the IRS 5471 - Schedule J, you will need to file an amended return. This involves preparing a corrected version of the form and indicating it as an amendment. Be sure to keep a copy of the original and the amended form for your records, and check the IRS guidelines for submitting amendments to ensure compliance.
How can you verify that your IRS 5471 - Schedule J has been processed?
To verify the processing status of your IRS 5471 - Schedule J, you can use the IRS 'Where's My Refund?' tool, which provides information on the status of your submission. Additionally, you should retain any confirmation emails or numbers received after submission, as they may contain specific details regarding your filing.
What common errors should you watch out for when filing IRS 5471 - Schedule J?
Common errors when filing IRS 5471 - Schedule J include mismatched information between the form and supporting documentation, failure to sign, or missing required attachments. To avoid these pitfalls, double-check all entries for accuracy and compliance with IRS specifications before submission.
What are your options if your submission of IRS 5471 - Schedule J is rejected?
If your submission of IRS 5471 - Schedule J is rejected, the IRS will usually provide a reason for the rejection. You can correct the identified issues and resubmit the form electronically or by mail. It's also essential to keep track of any deadlines to ensure compliance with filing requirements.
Can you file IRS 5471 - Schedule J on behalf of someone else?
Yes, you can file IRS 5471 - Schedule J on behalf of someone else if you have the appropriate authorization, such as a Power of Attorney (POA). Ensure that you adhere to all privacy regulations and file the form in accordance with the individual's tax obligations.
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