Form 5471 Schedule J – Fill Out and Use This PDF

The 5471 Schedule J form, titled Accumulated Earnings & Profits (E&P) of Controlled Foreign Corporation, is a crucial document for U.S. citizens and resident aliens who have substantial ownership in foreign corporations, as mandated by the Internal Revenue Service (IRS). It details the accumulated earnings and profits of the foreign corporation, providing a snapshot of its financial health and the amount of earnings that could potentially be taxed by the U.S. This form is attached to Form 5471 and serves as a vital tool for ensuring compliance with U.S. tax laws on international operations. For guidance on how to accurately fill out this form, click the button below.

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Form 5471 Schedule J PDF Details

Managing the complexities of international business and taxation requires an in-depth understanding of various IRS forms, among which the Schedule J (Form 5471) stands out due to its critical role in reporting Accumulated Earnings & Profits (E&P) of Controlled Foreign Corporations. This form, which underwent a revision in December 2020, serves as an attachment to Form 5471 and demands meticulous attention from both individuals and entities partaking in foreign corporation operations. The Department of the Treasury and the Internal Revenue Service require detailed information, including the name and identifying number of the filer, alongside the foreign corporation's details like EIN and reference ID number. By breaking down earnings and profits into specific categories such as Pre-1987 E&P, Post-1986 undistributed earnings, and adjustments related to taxes under anti-splitter rules or distributions from lower-tier foreign corporations, Schedule J intricately outlines how taxpayers should calculate and report their E&P. It also delves into the reclassification of earnings pursuant to various sections like section 959(c) and section 965(a), which are quintessential for understanding the tax implications and compliance requirements. Furthermore, entities must be wary of the sanctions imposed on certain countries, as indicated by code 901j, which could significantly affect their reporting process. The instructions provided on the IRS website offer a beacon for navigating the complexities enveloped within each part and line item of Schedule J, making it an indispensable tool for ensuring accuracy in reporting and compliance with U.S. tax laws.

Question	Answer
Form Name	Form 5471 Schedule J
Form Length	3 pages
Fillable?	No
Fillable fields	0
Avg. time to fill out	45 sec
Other names	5471 schedule j, form 5471 schedule h, fillable schedule j pdf, 5471 sch j

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SCHEDULE J		Accumulated Earnings & Profits (E&P) of Controlled Foreign Corporation
(Form 5471)
(Form 5471)
(Rev. December 2020)		▶ Attach to Form 5471.				OMB No. 1545-0123
(Rev. December 2020)		▶ Attach to Form 5471.
Department of the Treasury		▶ Go to WWW.IRS.GOV/FORM5471 for instructions and the latest information.
Internal Revenue Service
Internal Revenue Service
Name of person filing Form 5471				Identifying number

Name of foreign corporation			EIN (if any)	Reference ID number (see instructions)

a	Separate Category (Enter code—see instructions.)			.	▶
b	If code 901j is entered on line a, enter the country code for the sanctioned country (see instructions)			.	▶

Part I

Accumulated E&P of Controlled Foreign Corporation

Check the box if person filing return does not have all U.S. shareholders’ information to complete an amount in column (e) (see instructions).

Important: Enter amounts in functional currency.		(a)	(b)	(c)	(d)	(e) Previously Taxed E&P (see instructions)
		Post-2017 E&P Not	Post-1986	Pre-1987 E&P Not	Hovering Deficit and


		Previously Taxed	Undistributed Earnings	Previously Taxed	Deduction for	(I) Reclassified section	(II) Reclassified section
		(post-2017 section	(post-1986 and pre-2018	(pre-1987 section	Suspended Taxes	965(a) PTEP	965(b) PTEP
		959(c)(3) balance)	section 959(c)(3) balance)	959(c)(3) balance)

1a	Balance at beginning of year (as reported on prior
	year Schedule J)

b Beginning balance adjustments (attach statement)
c	Adjusted beginning balance (combine lines 1a and 1b)

2a	Reduction for taxes unsuspended under anti-splitter rules

b Disallowed deduction for taxes suspended under
	anti-splitter rules

3Current year E&P (or deficit in E&P) (enter amount from applicable line 5c of Schedule H) . . . .

4E&P attributable to distributions of previously taxed

	E&P from lower-tier foreign corporation . . .

5a	E&P carried over in nonrecognition transaction .

b Reclassify deficit in E&P as hovering deficit after
	nonrecognition transaction

6Other adjustments (attach statement) . . . .

7Total current and accumulated E&P (combine lines

1c through 6) . . . . . . . . . . . .

8Amounts reclassified to section 959(c)(2) E&P from

section 959(c)(3) E&P . . . . . . . . .

9 Actual distributions . . . . . . . . . .

10Amounts reclassified to section 959(c)(1) E&P from

section 959(c)(2) E&P . . . . . . . . .

11Amounts included as earnings invested in U.S. property and reclassified to section 959(c)(1) E&P (see instructions)

12Other adjustments (attach statement) . . . .

13Hovering deficit offset of undistributed post- transaction E&P (see instructions) . . . . .

14Balance at beginning of next year (combine lines 7 through 13)

For Paperwork Reduction Act Notice, see the Instructions for Form 5471.

Cat. No. 21111K

Schedule J (Form 5471) (Rev. 12-2020)

Schedule J (Form 5471) (Rev. 12-2020)		Page 2

Part I	Accumulated E&P of Controlled Foreign Corporation (CONTINUED)

(e) Previously Taxed E&P (see instructions)

(III) General section	(IV) Reclassified section 951A PTEP	(V) Reclassified section 245A(d) PTEP	(VI) Section 965(a) PTEP	(VII) Section 965(b) PTEP
959(c)(1) PTEP

	(e) Previously Taxed E&P (see instructions)		(f)
			Total Section 964(a) E&P
			Total Section 964(a) E&P
(VIII) Section 951A PTEP	(IX) Section 245A(d) PTEP	(X) Section 951(a)(1)(A) PTEP	(combine columns (a), (b), (c),
			and (e)(i) through (e)(x))

Schedule J (Form 5471) (Rev. 12-2020)

Schedule J (Form 5471) (Rev. 12-2020)		Page 3

Part II	Nonpreviously Taxed E&P Subject to Recapture as Subpart F Income (section 952(c)(2))

Important: Enter amounts in functional currency.
1	Balance at beginning of year	. . . . . .	. . .	. . . . . . .	. . .	. . . . . . .	.	.	▶
2	Additions (amounts subject to future recapture) .	. . . . . .	. . .	. . . . . . .	. . .	. . . . . . .	.	.	▶
3	Subtractions (amounts recaptured in current year)	. . . . . .	. . .	. . . . . . .	. . .	. . . . . . .	.	.	▶
4	Balance at end of year (combine lines 1 through 3)	. . . . . .	. . .	. . . . . . .	. . .	. . . . . . .	.	.	▶

Schedule J (Form 5471) (Rev. 12-2020)

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In an effort to fill out this PDF document, be sure to provide the right details in every field:

1. Fill out the irs form 5471 instructions with a number of essential fields. Get all the required information and be sure nothing is missed!

Step number 1 of submitting form 5471 schedule m instructions

2. Just after performing the last section, go on to the subsequent part and enter all required details in these blanks - a EP carried over in, Reclassify deficit in EP as, Other adjustments attach, Total current and accumulated EP, Amounts reclassified to section c, Amounts reclassified to section c, Amounts included as earnings, Other adjustments attach, Hovering deficit offset of, Balance at beginning of next year, For Paperwork Reduction Act Notice, Cat No K, and Schedule J Form Rev.

Writing segment 2 of form 5471 schedule m instructions

3. Completing iii General section, c PTEP, iv Reclassified section A PTEP, v Reclassified section Ad PTEP, vi Section a PTEP, vii Section b PTEP, a b c a b, a b, a b c a b, viii Section A PTEP, ix Section Ad PTEP, x Section aA PTEP, e Previously Taxed EP see, Total Section a EP, and combine columns a b c is essential for the next step, make sure to fill them out in their entirety. Don't miss any details!

Tips to complete form 5471 schedule m instructions step 3

It's easy to make a mistake when filling in the viii Section A PTEP, hence make sure you reread it before you decide to submit it.

4. To move ahead, this section will require filling out a couple of fields. Examples include a b c a b, a b, and Schedule J Form Rev, which you'll find key to going forward with this particular document.

Stage number 4 for filling out form 5471 schedule m instructions

5. The very last point to complete this PDF form is crucial. Be certain to fill in the mandatory blanks, and this includes Important Enter amounts in, Balance at beginning of year, Additions amounts subject to, Subtractions amounts recaptured in, Balance at end of year combine, and Schedule J Form Rev, prior to submitting. In any other case, it could lead to an incomplete and possibly unacceptable form!

How you can prepare form 5471 schedule m instructions step 5

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Form 5471 Schedule J – Fill Out and Use This PDF

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