IRS Form 5471 Schedule R Distributions From a Foreign Corporation

What Is IRS Form 5471 Schedule R?

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, 2020. 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 R?
A: IRS Form 5471 Schedule R is a form used to report distributions from a foreign corporation.

Q: Who needs to file IRS Form 5471 Schedule R?
A: Individuals who are shareholders of a foreign corporation and received distributions from that corporation need to file IRS Form 5471 Schedule R.

Q: What information is required on IRS Form 5471 Schedule R?
A: IRS Form 5471 Schedule R requires information about the foreign corporation, the type of distribution received, and the amounts involved.

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

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

Q: Can I e-file IRS Form 5471 Schedule R?
A: No, IRS Form 5471 Schedule R cannot be e-filed and must be filed by mail.

Q: Are there any other forms related to IRS Form 5471 Schedule R?
A: Yes, there are other forms related to IRS Form 5471 Schedule R, such as Form 5471 itself and other schedules depending on the specific circumstances.