IRS Form 5471 Schedule P Previously Taxed Earnings and Profits of U.S. Shareholder of Certain Foreign Corporations

What Is IRS Form 5471 Schedule P?

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 December 1, 2019. The document is a supplement to IRS Form 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations. As of today, no separate filing guidelines for the form are provided by the IRS.

FAQ

Q: What is IRS Form 5471 Schedule P?A: IRS Form 5471 Schedule P is a tax form used to report previously taxed earnings and profits of a U.S. shareholder of certain foreign corporations.

Q: Who needs to file IRS Form 5471 Schedule P?A: U.S. shareholders of certain foreign corporations who have previously taxed earnings and profits need to file IRS Form 5471 Schedule P.

Q: What information is required to complete IRS Form 5471 Schedule P?A: The form requires information about the U.S. shareholder, the foreign corporation, and the previously taxed earnings and profits.

Q: When is the deadline for filing IRS Form 5471 Schedule P?A: The deadline for filing IRS Form 5471 Schedule P is usually the same as the deadline for filing the taxpayer's income tax return, including extensions.

Q: Are there any penalties for not filing IRS Form 5471 Schedule P?A: Yes, there are penalties for failure to file IRS Form 5471 Schedule P, including monetary penalties and potential criminal charges.