IRS Form 5471 walkthrough (Information Return of U.S. Person Regarding Certain Foreign Corporations)
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- เผยแพร่เมื่อ 20 เม.ย. 2023
- Purpose of Form
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.
Who Must File
Generally, all U.S. persons described in Categories of Filers, below, must complete the schedules, statements, and/or other information requested in the chart, Filing Requirements for Categories of Filers , later. Read the information for each category carefully to determine which schedules, statements, and/or information apply.
Note. When a schedule is required but all amounts are zero, the schedule should still be filed with one or more zero amounts. For schedules that are completed by category (that is, Schedule E, I-1, J, P, and Q), inclusion of a single instance of that schedule for any separate category will meet the requirement.
If the filer is described in more than one filing category, do not duplicate information. However, complete all items that apply. For example, if you are the sole owner of a CFC (that is, you are described in Categories 4 and 5a), complete all six pages of Form 5471 and separate Schedules E, G-1, H, I-1, J, M, P, Q, and R.
Note. Complete a separate Form 5471 and all applicable schedules for each applicable foreign corporation.
When and Where To File
Attach Form 5471 to your income tax return (or, if applicable, partnership or exempt organization return) and file both by the due date (including extensions) for that return.
Please feel free to check out our article, where we've written step by step instructions to help you walk through this tax form! www.teachmepersonalfinance.com/irs-form-5471-instructions/
If a corporation disposes of a CFC during the middle of the year, would we prorate income statement only? Or balance sheet and income statement?
I'm not sure that there's a single 'blanket' answer to this question, as there seem to be a lot of moving pieces here. But my assumption is that you would make necessary adjustments to all financial statements, based upon the nature of the transaction and how the it impacts the financial statements.
I am reporting UK limited company based on fiscal year for an American individual who files corporation form 5471 in the US. My question is does US GAAP allows fiscal year for UK limited company who is reporting financial transactions in a US corporation form and does the financial statements needs to be converted to match US calander year or can the fiscal year numbers gets reported under US GAAP directly on Sch C and Sch F without any apportioning? If yes, is there a code under US GAAP you can direct me to please?
I don’t think I can answer this question with authority.
There is a difference between GAAP, which deals with accounting principles, and the Internal Revenue Code, which is solely for taxation. I am a tax professional, but I cannot attest to GAAP.
You might be best served asking a CPA firm that specializes in accounting and taxation for U.S. based international firms.
Thank you so much for responding. Ok so from taxation point of view, you just explained Sch C and Sch F on 5471 in your video. I have a follow up question. If I have UK limited compang financial statements for the year ended 31 August 2022, can I report the numbers from 31 Aug 2022 directly on to 2022 calander year without apportioning?
@@Bmwm3887 I don't think that you can. However, I don't think there's enough information here for me to give you accurate information.