Rev. December 2021
Form 5471 instructions for reporting current earnings and profits of a foreign corporation to the IRS. The form requires reporting net income or loss according to U.S. accounting standards, with adjustments for capital gains, depreciation, inventory, taxes, currency gains or losses, and other items. Current earnings and profits are calculated by adding net additions and subtracting net subtractions from the net income or loss. The form includes provisions for reporting income under general, passive, and Section 901(j) categories, requiring entry of country codes and amounts for sanctioned countries on Schedule J. Current earnings and profits must be translated into U.S. dollars using the average exchange rate.
Form 5471 Schedule H is one of Tax forms that are documents used to report information related to taxes to the relevant tax authority. There are various types of tax forms, including federal, state, and local tax forms, which can vary depending on the taxpayer's circumstances and location.
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