What is form 5471-2025

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Schedule J (Form 5471) is a document used to report the accumulated earnings and profits (E&P) of a controlled foreign corporation for U.S. tax purposes. It includes sections for detailing various categories of E&P, adjustments, and distributions, as well as specific instructions for completing the form. The document is intended for individuals or entities filing Form 5471 with the IRS.

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Click 'Get Form' to open it in the editor.
Begin by entering your identifying number and the name of the person filing Form 5471, along with the foreign corporation's name.
In Part I, provide details on accumulated earnings and profits (E&P) of the controlled foreign corporation. Ensure amounts are entered in functional currency.
Complete each section carefully, including adjustments for taxes and current year E&P. Attach any necessary statements for adjustments.
For Part II, report nonpreviously taxed E&P subject to recapture as Subpart F income, detailing balances at the beginning and end of the year.
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What percentage of ownership is required for 5471?

Any US person that owns directly, indirectly, or constructively 10% or more of the voting power or the value of the shares of a foreign corporation is a shareholder for the purpose of Form 5471.

How much does it cost to file a 5471?

Should a US corporation with net operating losses still be concerned? FormDescriptionPrice Form 5471 Base price $600 Additional Schedule I and Schedule P for reporting on behalf of another U.S. Shareholder: combined $150 Sec 965 Transition tax $500 GILTI tax reduction analysis (Sec 962 more) $65011 more rows

What is form 5471 for foreign tax credit?

Form 5471 is a complex form that keeps tabs on which US citizens and residents own a foreign corporation. Depending on how much the company is owned by US shareholders, it can either be an informational form or result in potential GILTI taxation.

Who files the IRS form 5471?

Certain U.S. citizens and U.S. residents who are officers, directors, or shareholders in certain foreign corporations (including specified foreign corporations (SFC) in IRC 965) are responsible for filing Form 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations.

What is the penalty for not filing form 5471?

If a taxpayer fails to timely file Form 5471, the IRS may assert a $10,000 penalty for each failure for each applicable annual accounting period, plus an additional $10,000 for each month the failure continues, beginning 90 days after the taxpayer is notified of the delinquency, up to a maximum of $60,000 per return (

What triggers form 5471?

One example that would trigger an obligation to file a Form 5471 is if a corporation has had more than a 10 percent change in ownership. However, there are categories which apply to officers of a corporation as well so you may want to look further to determine whether your particular circumstances require you to file.

How to avoid form 5471?

Lets take a look at a few common ways a taxpayer may be able to minimize Form 5471 Filing: Dormant Corporation. When a foreign corporation is dormant, then there are much more limited requirements for filing and reporting. Multiple Filers, Same Information. Certain Constructive Owners.

What is form 5471-2025

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What percentage of ownership is required for 5471?

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What is form 5471-2025

Here's how it works

How to complete What is form 5471 for 2025 online

See more what is form 5471 versions

Complete this form in 5 minutes or less

Got questions?

What percentage of ownership is required for 5471?

How much does it cost to file a 5471?

What is form 5471 for foreign tax credit?

Who files the IRS form 5471?

What is the penalty for not filing form 5471?

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People also ask

What triggers form 5471?

How to avoid form 5471?

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