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Revised Form 5471; 2023 Tax Reform Impact On Tax Compliance: What You Should Know

This means the “gross income” in a corporation  in the US will be taxed at the same rate as it would be for the individual shareholders. Under Current Section 901 Tax Treatments — Expats, the corporation would be required to “pass through” in a country the income to their shareholders at the corporate level.  In order to claim the foreign tax credit, the corporation must be able to allocate its earnings from all worldwide activities that are not controlled by the shareholders of the US corporation to the shareholders' shares based on the company's current business activity.  This can be accomplished by having a US resident shareholder own more than just one share, but owning a majority of that shareholder's voting control or stock. The Income Tax Code requires the corporation's “disposition” of all such income to an overseas entity, which in turn holds the corporation's taxable income for tax purposes in the US. (This is also the case under existing US law under Section 903. For a discussion and analysis on the current section 903 tax rules see:  Gain or Loss From Foreign Corporations For an in depth discussion on the taxation of a foreign corporation that is a US resident shareholder or employee, see:  Foreign Corporation Taxes on Foreign Income (including Passive Foreign Investments) Instructions for Form 5471, Transition-A, International Income. Instructions for Form 5471, Transition-D, U.S. Income. Instructions for Form 5471, Transition-G, Tax in Lieu Of Income or Loss. Instructions for Form 5471, Transition-Z, Global (Receiving) Income. Instructions for Form 5471, Transition-2, Net Operating Loss. 5 Jan 2023 — With changes made to the 2023 tax reform changes, the rules for qualifying “foreign banks and insurance companies” under the Tax Cuts and Jobs Act (Tax Cuts and Jobs Act), and Form 5471 to address reporting requirements for these entities are now updated. Instructions for Form 5471, Transition-A, International Income. Instructions for Form 5471, Transition-D, U.S. Income. Instructions for Form 5471, Transition-G, Tax in Lieu Of Income or Loss.

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