Form 5471 Schedule J

Accumulated Earnings & Profits (E&P) of Controlled Foreign Corporation

Rev. December 2020

Form 5471 (Schedule J) revision December 2020, issued by Department of the Treasury and Internal Revenue Service, is for reporting Accumulated Earnings & Profits (E&P) of Controlled Foreign Corporations. Users must attach this form to Form 5471 and refer to instructions and latest information on IRS website. The form requires entering identifying number, name of foreign corporation (with EIN if any), a reference ID number, a code in line 'a', and country code for sanctioned countries if necessary. The form consists of Part I and Part II. Part I: Users need to report Post-2017, post-1986, and pre-1987 E&P Not Previously Taxed, Hovering Deficit and Deduction for Suspended Taxes, Currently Year E&P or deficit in E&P, E&P attributable to distributions of previously taxed E&P from lower-tier foreign corporations, E&P carried over in nonrecognition transactions, other adjustments, total current and accumulated E&P, reclassified E&P to sections 959(c)(1) and 959(c)(2), and balance at beginning of next year. Also, users need to report Previously Taxed E&P under different sections such as 959(c)(1), 951A, 245A, 965(a), 965(b) and Section 951(a)(1)(A). Part II: Users need to report Nonpreviously Taxed E&P Subject to Recapture as Subpart F Income. This part requires reporting balance at beginning of year, additions (amounts subject to future recapture), subtractions (amounts recaptured in current year), and balance at end of the year.