IRS Form 965 Schedule F Foreign Taxes Deemed Paid by Domestic Corporation

What Is IRS Form 965 Schedule F?

This is a tax form that was released by the Internal Revenue Service (IRS) - a subdivision of the U.S. Department of the Treasury on January 1, 2019. The document is a supplement to IRS Form 965, Inclusion of Deferred Foreign Income Upon Transition to Participation Exemption System. As of today, no separate filing guidelines for the form are provided by the IRS.

FAQ

Q: What is IRS Form 965 Schedule F?
A: IRS Form 965 Schedule F is a form used by domestic corporations to report foreign taxes deemed paid.

Q: What does 'foreign taxes deemed paid' mean?
A: 'Foreign taxes deemed paid' refers to taxes paid or accrued by a domestic corporation to a foreign country or US possession on foreign income, which can be claimed as a credit or deduction.

Q: Who needs to file IRS Form 965 Schedule F?
A: Domestic corporations that have paid or accrued foreign taxes and want to claim them as a credit or deduction on their U.S. tax return need to file Form 965 Schedule F.

Q: What information is required on IRS Form 965 Schedule F?
A: The form requires detailed information about the foreign taxes paid or accrued, including the country or US possession, the type of income, the tax paid or accrued, and any adjustments or carryovers.

Q: Are there any filing deadlines for IRS Form 965 Schedule F?
A: The filing deadline for IRS Form 965 Schedule F is typically the same as the deadline for the corporate tax return, which is generally due on the 15th day of the third month following the end of the tax year.

Q: Can I e-file IRS Form 965 Schedule F?
A: As of now, e-filing for IRS Form 965 Schedule F is not yet available. It must be filed by mail or delivered in person to the appropriate IRS address.