Taxes
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Schedule I-1: Global Intangible Low-Taxed Income of a CFC on IRS Form 5471
The IRS Form 5471 is generally filed by U.S. persons that have an ownership interest or relationship with a controlled foreign corporation (CFC). The Schedule I-1 is used to report the amount of GILTI derived from the CFC.
Schedule E: Income Taxes Paid or Accrued of a CFC on IRS Form 5471
The IRS Form 5471 is generally filed by U.S. persons that have an ownership interest or relationship with a controlled foreign corporation (CFC). The Schedule E is included to report any foreign income taxes paid or accrued on the income of the CFC for which it is allowed a foreign tax credit.
Schedule E-1: Taxes Paid or Deemed Paid of a CFC on IRS Form 5471
The IRS Form 5471 is generally filed by U.S. persons that have an ownership interest or relationship with a controlled foreign corporation (CFC). The Schedule E-1 is included to report the cumulative balance of foreign income taxes paid by the CFC by separate category of income.
Schedule G: Other Information of a CFC on IRS Form 5471
The IRS Form 5471 is generally filed by U.S. persons that have an ownership interest or relationship with a controlled foreign corporation (CFC). The Schedule G is part of Form 5471 and includes other information about the foreign corporation, its operations, and its ownership.
Schedule I: Summary of Shareholder Income of a CFC on Form 5471
The IRS Form 5471 is generally filed by U.S. persons that have an ownership interest or relationship with a controlled foreign corporation (CFC). The Schedule I is completed to report the U.S. shareholder's pro rata share of income from the foreign corporation.
Schedule H: Current E&P of a CFC on IRS Form 5471
The IRS Form 5471 is generally filed by U.S. persons that have an ownership interest or relationship with a controlled foreign corporation (CFC). The Schedule H is included to report the foreign corporation's current earnings and profits for U.S. tax purposes.
Schedule F: Balance Sheet of a CFC on IRS Form 5471
The IRS Form 5471 is generally filed by U.S. persons that have an ownership interest or relationship with a controlled foreign corporation (CFC). The Schedule F reports the balance sheet of the foreign corporation.
Schedule C: Income Statement of a CFC on IRS Form 5471
The IRS Form 5471 is generally filed by U.S. persons that have an ownership interest or relationship with a controlled foreign corporation (CFC). The Schedule C reports the income statement of the foreign corporation.
Schedule B: US Shareholders of a CFC on IRS Form 5471
The IRS Form 5471 is generally filed by U.S. persons that have an ownership interest or relationship with a controlled foreign corporation (CFC). The Schedule B reports information on all of the U.S. shareholders of the foreign corporation, both direct and indirect ownership.
How to Prepare IRS Form 5471 for Controlled Foreign Corporations (CFC)
The IRS Form 5471 is generally filed by U.S. persons that have an ownership interest or relationship with a controlled foreign corporation (CFC). This Form 5471 tutorial covers all of the required schedules for a newly formed CFC that is wholly owned by U.S. persons.
How to File Florida Form F-1120 Corporate Income Tax Return
Florida corporations are required to file an annual Form F-1120 corporate income tax return. This article covers a sample corporate return.
IRS CP14 Tax Notice – What Are Your Payment Options?
The CP14 tax notice from the IRS means the taxpayer has a balance due for unpaid taxes. The notice requests that payment be made within 21 days.
What is a “Per Se” Corporation?
A "per se" corporation is a corporate entity that cannot change its tax classification. Domestic and foreign eligible entities are generally able to file Form 8832 entity classification election.
Are Father’s Day Gifts Taxable?
Federal tax rules require individuals to report taxable gifts made during the year on a Form 709 Gift Tax Return. So, does a fathers day gift count under this rule?
Earned Income Tax Credit (EITC) for Montana Taxes
The earned income credit (EIC) is a federal tax credit that helps low to medium income taxpayers reduce their federal taxes each year. Many states have their own version of the credit, including Montana.