McAllen Texas Form 5471 (Schedule J) 2020-2025

McAllen Texas Form 5471 (Schedule J): What You Should Know

What's the Tax Effect of CFC's Reporting in Different Currencies? Jan 20, 2025 — In general, a company holding the assets of a CFC will determine its own tax liability when those assets are transferred to that company.  Using CFC's in U.S. Tax Returns Mar 1, 2025 — An CFC can report its E&P in one currency under Sections 905 and 906 of the Code. Also, under Section 904(f)(2)(D)(i) the tax liability can be calculated in the functional currency of the transferor if (I) the transferor has the same functional currency, and (II) the transferor is not a party to the agreement between the transferor and the CFC. Further, an E&P report may be completed on Form 8949, U.S. Information Return of Foreign Bank and Financial Accounts (FAR). What Is the Difference Between FAR And IRS 5471? Sep 2, 2025 — Section 905 requires E&P information for U.S. companies with at least 10 shareholders of the foreign CFC and FAR also requires a report on U.S. holders of these assets. Form 8949, U.S. Information Return of Foreign Bank and Financial Accounts (FAR), on the other hand, provides information on accounts subject to U.S. taxation for foreign persons not considered U.S. persons (i.e., corporations, partnerships and trusts).  The Bottom Line — IRS 5471 For a more in depth look at the difference between FAR and RPF, see IRS 5471 vs FAR. How to Report In the Event of a Foreign Person's Death (Form 5471-EZ) Nov 11, 2025 — Although the IRS will generally require reports for tax years after 2025, the IRS will accept a letter explaining the nature of the CFC's assets before accepting a filing for a tax year after that date. Under certain (and very limited) circumstances, the IRS will accept these letters without further comment, without providing further information and without asking questions. In other words, the IRS says “No” under these circumstances.

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