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West Palm Beach Florida Form 5471 (Schedule O): What You Should Know

As part of this webinar, EisnerAmper will walk you through step #1 of Form 5471 (Form 5471) — Organization or Reorganization of Foreign Corporation To Be Report on Form 5471. The first of these steps is the filing of the Schedule O for the new, combined corporation and all related owners. You will watch the webinars in succession until you are finished with this step. It is an excellent way to familiarize yourself with the various steps of the Form 5473 and 5471. As this webinar only addresses the first item and covers just the basic concepts, you are not required to attend this webinar if you do not wish to (I know of some who have). Note: The webinars do not cover the requirements on Form 5471 as they only apply to the combined foreign corporation (CFC). For the Form 5471, EisnerAmper recommends Form 706. Form 706 gives very good detail and a very specific way to calculate Form 6012 (Filing and Annual Report) on Form 5471. It is only recommended, not required to complete Form 5471. As most companies are very complicated and the complexity increases with the number of shareholders, an extensive understanding of the CFC and their holdings is recommended to complete Form 5471 correctly. A key element of both the Form 5471 and the Form 706 is that you must complete the relevant form(s) in order for your organization to be eligible to receive the tax benefits. We have provided below detailed instructions for completing the various forms required. Form 5473 Use Form 8854 (Individuals, Entity, and Partnership Computation of Earnings) to compute income for the foreign corporation for the year that is the basis of the Form 5471. Note: Form 8854 must be filed as a “Schedule C” with the IRS. On-Demand: Form 8854 Playbook — EisnerAmper Use Form 5471 or Form 706 to compute the aggregate reported income of the combined foreign CFC. For Form 5471 or 706 you need to first understand the aggregate of reported income for the foreign CFC on the Form 6012. You should do so as well.

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