IRS Form 5471 Schedule H Current Earnings and Profits

What Is IRS Form 5471 Schedule H?

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, 2021. 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 H?
A: IRS Form 5471 Schedule H is a tax form used to report the current earnings and profits of a controlled foreign corporation.

Q: Who needs to file IRS Form 5471 Schedule H?
A: US persons who own at least 10% of a controlled foreign corporation, or who are officers or directors of such a corporation, generally need to file IRS Form 5471 Schedule H.

Q: What is a controlled foreign corporation?
A: A controlled foreign corporation is a foreign corporation in which US persons own at least 50% of the total voting power or total value of the corporation's stock.

Q: What information is reported on IRS Form 5471 Schedule H?
A: IRS Form 5471 Schedule H reports the current earnings and profits of the controlled foreign corporation, including any subpart F income or previously taxed earnings and profits.

Q: When is IRS Form 5471 Schedule H due?
A: IRS Form 5471 Schedule H is generally due on the same date as the taxpayer's income tax return, including extensions.

Q: Are there any penalties for not filing IRS Form 5471 Schedule H?
A: Yes, failure to file IRS Form 5471 Schedule H or providing false information on the form may result in substantial penalties.

Q: Can I e-file IRS Form 5471 Schedule H?
A: No, IRS Form 5471 Schedule H cannot be e-filed and must be filed on paper.

Q: Do I need to file IRS Form 5471 Schedule H every year?
A: No, IRS Form 5471 Schedule H is only required in certain circumstances, such as when there are current earnings and profits to report.

Q: Can I get an extension to file IRS Form 5471 Schedule H?
A: Yes, you can request an extension to file IRS Form 5471 Schedule H by filing Form 7004, Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns.