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5471 Schedule O  Form

5471 Schedule O Form

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almost every kind of thing uh listen online like you're doing now or you can watch the show later on YouTube when we post it up there this month's topic is form 5471 schedule q and schedule R so these are new schedules that our trusted servants in Washington DC bestowed upon us after the 2017 tax cuts and jobs act and they were published in late well early December 2020 so late in the year 2020 um for the first time and so we're going to go through these in a sort of high level what do they mean how do they work um and introduce you to the fun of them here we go so today schedule Q Schedule R so what schedule Q the title is reporting CFC income by CFC income groups and what do you use it for well it's used to break out the financial data for your controlled foreign corporation so you can claim the indirect foreign tax credit side reference Internal Revenue code section 960 um take the data from schedule Q plop it onto schedu on form 118 and figure out ex

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