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SCHEDULE P (Form 5471) (Rev. December 2019)Previously Taxed Earnings and Profits of U.S. Shareholder of Certain Foreign CorporationsDepartment of the Treasury Internal Revenue ServiceOMB No. 15450123Attach.

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Exploring How to Prepare Schedule P Form 5471 PTEP: One of the most complicated aspects of operating a business is tracking PTEP – Previously Taxed Earnings and Profits. This is especially true for a CFC (Controlled Foreign Corporation).

Form 5471 is used by certain U.S. persons who are officers, directors, or shareholders in certain foreign corporations. The form and schedules are used to satisfy the reporting requirements of sections 6038 and 6046, and the related regulations.

Schedule E and Schedule E-1 of Form 5471 is used to report taxes paid or accrued by a foreign corporation for which a foreign tax credit is allowed and taxes for which a credit may not be taken.

Schedule I-1 for Form 5471 is used to report information determined at the CFC level with respect to amounts used in “global intangible low-taxed income” or GILTI inclusions by U.S. shareholders.

Form 5471 is used by certain U.S. persons who are officers, directors, or shareholders in certain foreign corporations. The form and schedules are used to satisfy the reporting requirements of sections 6038 and 6046, and the related regulations.

Who files Form 5471? Any U.S. citizen, corporation, partnership, trust, or estate who has at least 10% ownership in a foreign corporation, needs to file Form 5471. If you aren't sure if you qualify, you can see detailed qualifications of who is liable on pages 1-3 of the instructions for Form 5471.

Schedule P of Form 5471 is used to report PTEP of the U.S. shareholder of a controlled foreign currency (“CFC”) in the CFC's functional currency. The term PTEP refers to earnings and profits (“E&P”) of a foreign corporation.

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© Copyright 1997-2025
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232