This is a tax form that was released by the Internal Revenue Service (IRS) - a subdivision of the U.S. Department of the Treasury on January 1, 2019. The document is a supplement to IRS Form 965, Inclusion of Deferred Foreign Income Upon Transition to Participation Exemption System. As of today, no separate filing guidelines for the form are provided by the IRS.
Q: What is IRS Form 965 Schedule B?
A: IRS Form 965 Schedule B is a form used to report the deferred foreign income corporation's earnings and profits (E&P).
Q: Who needs to file IRS Form 965 Schedule B?
A: Taxpayers who have a deferred foreign income corporation with earnings and profits (E&P) need to file IRS Form 965 Schedule B.
Q: What is a deferred foreign income corporation?
A: A deferred foreign income corporation is a foreign corporation that has accumulated income that was not previously subject to U.S. taxation.
Q: What are earnings and profits (E&P)?
A: Earnings and profits (E&P) represent a corporation's taxable income or loss, adjusted for certain tax provisions.
Q: Why is IRS Form 965 Schedule B important?
A: IRS Form 965 Schedule B is important because it helps taxpayers report and calculate the earnings and profits (E&P) of their deferred foreign income corporation.