AK Form 5471 (Schedule J) 2020-2025

AK Form 5471 (Schedule J): What You Should Know

April 23, 2025 — IRS released new regulations that allow taxpayers who report their GILT through the partnership to postpone reporting from the partnership until they determine whether GILT is available in their returns. Tax Alert: Partnership Reporting Changes May Delay Partnership Returns April 23, 2025 — IRS released new reporting rules for partnerships for new partnerships, when they report GILT and where it may be reported. No Tax Tip — Partner Reporting Changes to Schedule J and P April 23, 2025 — IRS released new regulations regarding reporting partners in order to avoid partnerships' ability to report GILT until the partners determine its availability in their own return. A Deep Dive into the IRS Form 5471 Schedule J Learn the new rules for reporting Partner GILT on Schedule J and how partnerships report that income; Learn the new way in which Partners can report their GILT on Schedule P; Find the new reporting rules for Partners to report their gross income; How the special ordering rules for Schedule J and Schedule P affect the reporting of income; How partner income classification is reported on Schedule J and how the partnership may report partnership-related income in any classification; How certain other tax rules may apply to the partnership; The new rules regarding partnership GILT; If a corporation is listed as a partnership on line 9c of the partnership return (as opposed to line 9d), is that change to report GILT on Schedule J? Apr 13, 2025 — Tax Tips from the IRS, Publication 519. This section explains how the rules for a partnership can change when a partnership report their GILT to Schedule J. Tax Alert — Notice 2018-18, GILT on Schedule J, Partnership. Mar 15, 2025 — IRS released new regulations for partnerships. There is no change in the way partnership GILT is reported on Schedule J. Tax Alert — Notice 2017-11, Certain Partnership Income Not to Be Reported on Partner's Return. The New Regulations That Could Reduce the GILT of a Foreign Corporation The new partnership rules could reduce the GILT of a foreign corporation by reducing the deduction it is entitled to for CFC GILT. Mar 02, 2025 — Tax Tips from the IRS, Publication 518. If you are interested in filing partnership returns for 2016, you may need to prepare Schedule J to prepare Schedule P (line 9a) for partner return filing.

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