IRS 5471 - Schedule J 2018 free printable template

SCHEDULE J Form 5471 Accumulated Earnings Profits E P of Controlled Foreign Corporation Rev. December 2018 Department of the Treasury Internal Revenue Service OMB No. 1545-0123 Attach to Form 5471. Go to www.irs.gov/Form5471 for instructions and the latest information. Identifying number Name of person filing Form 5471 Name of foreign corporation a Separate Category Enter code see instructions. For Paperwork Reduction Act Notice see the Instructions for Form 5471. Cat. No. 21111K Schedule J...

How to fill out IRS 5471 - Schedule J

How to fill out IRS 5471 - Schedule J

1. Obtain IRS Form 5471 and Schedule J from the IRS website or local office.
2. Fill out the identification section including your name, address, and taxpayer identification number.
3. Provide information about the foreign corporation, including its name, address, and country of incorporation.
4. Complete Part I of Schedule J by entering the beginning and ending dates of the foreign corporation's tax year.
5. Fill in the total income, total deductions, and net income/loss for the foreign corporation for the tax year.
6. Enter the foreign corporation's earnings and profits for the tax year.
7. Review the instructions for any additional disclosures or requirements specific to your circumstances.
8. Sign and date the completed form, and retain a copy for your records.

Who needs IRS 5471 - Schedule J?

1. U.S. citizens, resident aliens, and certain other U.S. persons who are officers, directors, or shareholders in certain foreign corporations.
2. Taxpayers with annual filing requirements due to ownership interests in foreign corporations that meet specific criteria.
3. Those who have control of a foreign corporation or substantial ownership (generally 10% or more) in such entities.

• Who needs Form 5471 Schedule J?
• What is Form 5471 Schedule J for?
• Is Form 5471 Schedule J accompanied by other forms?
• • When is Form 5471 Schedule J due?
  • How do I fill out Form 5471 Schedule J?
  • Where do I send Form 5471 Schedule J?

Who needs Form 5471 Schedule J?

Form 5471 is a complex tax document for U.S. citizens and residents working in a foreign corporation. The form consists of many schedules, each designed for a particular purpose. There are five categories of filers who may need to complete a particular schedule. Schedule J is the Accumulated Earnings and Profits of Controlled Foreign Corporation form. It must be filed by officers or directors of a foreign corporation or by employees who own 10% or more of the corporation.

What is Form 5471 Schedule J for?

The purpose of Schedule J is to report the accumulated earnings that a person gets at a foreign corporation. It means that everyone who occupied a senior position in a foreign company for no less than 30 days or owned stock there during the tax year must fill out Schedule J of Form 5471.

Is Form 5471 Schedule J accompanied by other forms?

Schedule J belongs to Form 5471. Therefore, it must be attached to it before submission.

When is Form 5471 Schedule J due?

Generally, the due date for the schedule coincides with the due date of the income tax return. For individuals this would be 15th of April except for the cases when this date is a federal holiday or a weekend. If so, the deadline is moved to the next business day.  

How do I fill out Form 5471 Schedule J?

Schedule J is a brief document. However, it contains lots of calculations. Start filling out the schedule with personal information. Enter your name and the name of the foreign corporation. Then proceed with the calculations. There are seven fields designed for amounts of different kinds. All the amounts must be provided in functional currency.

Where do I send Form 5471 Schedule J?

When you are ready with Schedule J attach it to Form 5471 and mail it to the IRS.

Instructions and Help about IRS 5471 - Schedule J

In this video we will discuss schedule j of form 5471 schedule j tracks the earnings and profits of controlled foreign corporations or CCS page 1 has 14 rows and 6 columns page 2 has the same 14 rows and has 9 columns i feel it is easier to understand all the columns shown together, so I've recreated scheduled j with the same columns and rows all on one page let's first break up the columns into categories columns a through c show section 959 c3 earnings and profits columns e1 through e5 show section 959 c1 earnings and profits and columns e6 through e10 show section 959 c2 earnings and profits we will refer to these as c1 c2 and c3 earnings and profits c3 earnings and profits have not yet been taxed to the U.S. shareholder c1 and c2 earnings and profits have previously been taxed to the U.S. shareholder thus the c1 and c2 earnings and profits are referred to as previously taxed earnings and profits or step c1 earnings and profits exist only if the CFC has investments in U.S. property the most frequent type of investment in U.S. property is a loan from the...

People Also Ask about

Who must file Schedule O 5471?

Form 5471 is used by certain U.S. persons who are officers, directors, or shareholders in certain foreign corporations. The form and schedules are used to satisfy the reporting requirements of sections 6038 and 6046, and the related regulations.

Do I need to file an extension for form 5471?

Anyone who must file form 5471 must file with their individual return, ing to the same filing dates and extensions. For example, most people would need to file by April 15th or October 15th with extension.

What is Schedule J form 5471?

Schedule J of Form 5471 tracks the earnings and profits (“E&P”) of a controlled foreign corporation (“CFC”) in its functional currency. In most cases, special ordering rules under Section 959 of the Internal Revenue Code apply in determining how E&P is reported on Schedule J.

Can form 5471 be filed separately from the tax return?

Form 5471 Penalties The form must be submitted with the taxpayers' tax return and a separate form must be completed for each foreign company for which it is applicable.

What is IRS Schedule J?

Use Schedule J (Form 1040) to elect to figure your income tax by averaging, over the previous 3 years (base years), all or part of your taxable income from your trade or business of farming or fishing.

Who must file a 5471 form?

Who files Form 5471? Any U.S. citizen, corporation, partnership, trust, or estate who has at least 10% ownership in a foreign corporation, needs to file Form 5471.

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What is IRS 5471 - Schedule J?

IRS 5471 - Schedule J is a form used to report the earnings and profits of a foreign corporation in which a U.S. shareholder has an ownership interest. It is part of the broader IRS 5471 reporting requirements for U.S. persons with foreign corporations.

Who is required to file IRS 5471 - Schedule J?

U.S. persons who are shareholders of a foreign corporation and meet certain ownership thresholds are required to file IRS 5471, including Schedule J. This typically includes U.S. citizens, residents, or entities that own at least 10% of a foreign corporation.

How to fill out IRS 5471 - Schedule J?

To fill out IRS 5471 - Schedule J, you need to first gather information on the foreign corporation's earnings and profits, including the current and prior year amounts. Then, input the required financial data into the sections provided in Schedule J regarding the company's earnings, distributions, and other relevant financial details.

What is the purpose of IRS 5471 - Schedule J?

The purpose of IRS 5471 - Schedule J is to provide the IRS with information about the earnings and profits of foreign corporations owned by U.S. shareholders, facilitating tax compliance and ensuring that U.S. taxpayers pay appropriate taxes on foreign income.

What information must be reported on IRS 5471 - Schedule J?

IRS 5471 - Schedule J requires reporting of the foreign corporation's earnings and profits for the tax year, including amounts for the current year, retained earnings, and any distributions made to U.S. shareholders. Additional details regarding the computation of earnings may also be required.