Schedule B: US Shareholders - IRS Form 5471
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- Опубліковано 2 сер 2022
- Schedule B is completed with a Form 5471 to disclose the direct and indirect U.S. shareholders in the CFC. Users should complete both Parts 1 and 2. Part 1 lists all of the direct & indirect U.S. shareholders, while Part 2 lists the direct holders of the CFC stock.
This is the 2nd video in a series which covers the preparation of IRS Form 5471 for the 2021 tax year. Each schedule has a separate video within the playlist titled "IRS Form 5471 - Beginner Series". A list of all of the videos with links is included in the description below.
The IRS Form 5471 is filed by U.S. persons that have an interest in a Controlled Foreign Corporation (CFC). The sample Form 5471 covered in this playlist is for a U.S. person that is a majority shareholder (75%) of a Cayman Island's Corporation. The remaining 25% of the stock is owned by a non-U.S. shareholder.
The CFC invests in various stocks, bonds & other investments, so the earnings of the CFC will constitute Subpart F income, specifically Foreign Personal Holding Company (FPHC) income under Section 954(c).
The link to the complete playlist and each individual video is below.
Playlist: • IRS Form 5471 - Beginn...
Complete list of videos in the tutorial. We recommend watching in the order presented.
1. Introduction & Page 1 of Form 5471: • How to Prepare IRS For...
2. Schedule B: U.S. Shareholders: • Schedule B: US Shareho...
3. Schedule C: Income Statement: • Schedule C: Income Sta...
4. Schedule F: Balance Sheet: • Schedule F: Balance Sh...
5. Schedule H: Current E&P: • Schedule H: Current E&...
6. Schedule I & Worksheet A: Shareholder's Income from FC: • Schedule I: Summary of...
7. Schedule G: Other Information: • Schedule G: Other Info...
8. Schedule E: Income & Taxes Paid: • Schedule E: Income Tax...
9. Schedule E-1: Taxes Related to Type of Income: • Schedule E-1: Taxes Pa...
10. Schedule M: Related Party Transactions: • Schedule M: Transactio...
11. Schedule I-1: GILTI: • Schedule I-1: Global I...
12. Schedule J: E&P of Corporation: • Schedule J: Accumulate...
13. Schedule P: Previously Tax E&P of US Shareholder: • Schedule P: Previously...
14. Schedule Q: CFC Income by Groups: • Schedule Q: CFC Income...
15. Schedule O: Organization & Stock Acquisition: • Schedule O Part 1 & 2:...
16. Category 3 Indebtedness Statement: • Category 3: Indebtedne...
17. Schedule R: Dividend Distributions: • Schedule R: Distributi...
18. Where to Report Subpart F Inclusion: • Where to Report Subpar...
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DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Self-help services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorney-client or confidential relationship. This video does not include information about every topic or issue related to these informational materials.
#Form5471 #ControlledForeignCorporation #CFC #SubpartF
Your way of explaining each section is excellent . Got to learn so much from your videos. Thanks for uploading
Thank you for watching. I'm glad to hear the videos are helpful.
Very much intuitive. Thanks for uploading @Jason.
You’re welcome!
Thank you soo much for this video, even my CPA was confused on how to file this, since he doesn't have any other clients with a foreign corporation.
Thank you very much for your work. It is very helpful. I have a question however. If there are a lot of foreign owners of a corporation, should all of them be listed in the Part II or only those who own 10% or more? It would be very tedious to list 180 people who own 0.5% each for example.
Wouldn't the US SH's share of Sub F income be 100% since he is the only US SH?