IRS Form 5471 Schedule J Accumulated Earnings & Profits (E&p) of Controlled Foreign Corporation

What Is IRS Form 5471 Schedule J?

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 December 1, 2018. The document is a supplement to IRS Form 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations. As of today, no separate filing guidelines for the form are provided by the IRS.

FAQ

Q: What is IRS Form 5471 Schedule J?
A: IRS Form 5471 Schedule J is a form used to report the Accumulated Earnings and Profits (E&P) of a Controlled Foreign Corporation (CFC).

Q: What is a Controlled Foreign Corporation?
A: A Controlled Foreign Corporation (CFC) is a foreign corporation in which U.S. shareholders own more than 50% of the voting power or value.

Q: What are Accumulated Earnings and Profits (E&P)?
A: Accumulated Earnings and Profits (E&P) are the undistributed net earnings of a foreign corporation.

Q: Why is it important to report Accumulated Earnings and Profits?
A: Reporting Accumulated Earnings and Profits is required to calculate the Subpart F income, which is taxable for U.S. shareholders.

Q: Who needs to file IRS Form 5471 Schedule J?
A: U.S. persons who are shareholders of a Controlled Foreign Corporation with Accumulated Earnings and Profits need to file this form.

Q: When is the deadline to file IRS Form 5471 Schedule J?
A: The deadline to file IRS Form 5471 Schedule J is the same as the deadline for the taxpayer's income tax return, including extensions.

Q: Are there any penalties for not filing IRS Form 5471 Schedule J?
A: Yes, there are penalties for not filing IRS Form 5471 Schedule J, including monetary penalties and potential criminal charges.

Q: Can I e-file IRS Form 5471 Schedule J?
A: No, IRS Form 5471 Schedule J cannot be e-filed. It must be filed on paper and attached to the taxpayer's income tax return.

Q: Do I need to file IRS Form 5471 Schedule J every year?
A: You need to file IRS Form 5471 Schedule J every year as long as you are a U.S. person who is a shareholder of a Controlled Foreign Corporation with Accumulated Earnings and Profits.