Get the free Schedule J (Form 5471) (Rev. May 2001) (Fill-in Version). Accumulated Earnings and P...

SCHEDULE J (Form 5471) (Rev. May 2001) Department of the Treasury Internal Revenue Service Accumulated Earnings and Profits (E&P) of Controlled Foreign Corporation ? OMB No. 1545-0704 Attach to Form

How to fill out schedule j form 5471

How to fill out schedule j form 5471:

1. Start by entering the taxpayer's personal information, including their name, Social Security number (SSN), and address.
2. Provide the taxpayer's filing status and check the appropriate box(es) indicating the type of filer (e.g., U.S. citizen, resident, etc.).
3. Enter the tax year and identification number of the foreign corporation being reported on Schedule J.
4. Fill out Part I of Schedule J by reporting the income statement of the foreign corporation, including revenues, expenses, net income, and other relevant financial information.
5. Use Part II of Schedule J to report any amounts relating to previously treated controlled foreign corporations (CFCs).
6. Complete Part III of Schedule J if the foreign corporation is a member of a controlled group or affiliated group of corporations. Provide the required information regarding the group, including the names and employer identification numbers (EINs) of all the members.
7. Include any additional necessary information or attachments as required by the IRS instructions for Schedule J.
8. Review the completed Schedule J to ensure accuracy and completeness, and sign and date the form.
9. Attach the Schedule J to the taxpayer's personal tax return when filing.

Who needs schedule j form 5471:

1. U.S. citizens or residents who own at least 10% of a foreign corporation need to file Form 5471.
2. Individuals who are officers, directors, or shareholders in a foreign corporation that is classified as a controlled foreign corporation (CFC) must also file this form.
3. Additionally, certain U.S. shareholders of passive foreign investment companies (PFICs) may be required to file Form 5471.

Note: The exact requirements for filing Form 5471 can vary based on the taxpayer's specific circumstances and the applicable tax laws. It is advisable to consult with a qualified tax professional or refer to the IRS instructions for Schedule J and Form 5471 to ensure compliance.

For pdfFiller’s FAQs

What is schedule j form 5471?

Schedule J form 5471 is a form used to report the controlled foreign corporation's (CFC) accumulated earnings and profits (AE&P) account and its deficits.

Who is required to file schedule j form 5471?

Any U.S. person who is a U.S. shareholder of a foreign corporation that meets certain ownership threshold requirements is required to file Schedule J form 5471.

How to fill out schedule j form 5471?

To fill out Schedule J form 5471, you need to provide information such as the CFC's name, taxpayer identification number, AE&P calculation, deficits, and other relevant details. It is recommended to consult a tax professional or refer to the official IRS instructions for detailed guidance.

What is the purpose of schedule j form 5471?

The purpose of Schedule J form 5471 is to provide detailed information about the CFC's AE&P account and deficits, which the Internal Revenue Service (IRS) uses to ensure compliance with U.S. tax laws and to prevent tax evasion.

What information must be reported on schedule j form 5471?

On Schedule J form 5471, you must report the CFC's beginning and ending AE&P account balances, AE&P computations, deficits, and any adjustments or transactions affecting these amounts.

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