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Form 5471-SH: 5471 (Schedule H)
IRS Form 5471 (Schedule H) is attached to Form 5471 and is used by a foreign corporation to report its current earnings and profits. The form requires amounts on lines 1 through 5c to be entered in functional currency.
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IRS Form 5471-SH - 5471 (Schedule H)
IRS Form 5471 (Schedule H) is attached to Form 5471 and is used by a foreign corporation to report its current earnings and profits. The form requires amounts on lines 1 through 5c to be entered in functional currency.
Risk Radar
Scan points- 1Ensure lines 1 through 5c are entered using the foreign corporation's functional currency.
- 2Failing to enter all amounts on lines 1 through 5c in functional currency.
- 3Incorrectly calculating Line 5a by omitting additions or subtractions.
- 4Not correctly translating the final amount to U.S. dollars on Line 5d.
- 5Omitting the required exchange rate used for Line 5d (Line 5e).
Plain English
This form helps track the financial performance of a foreign company for U.S. tax purposes. It compiles the company's yearly income, subtracts various adjustments, and reports the final earnings figure. This allows the IRS to properly account for the corporation's profits within the United States.
Submission Date
- Filing date: 2021-12-28 22:13:35
- Preparation window: collect IDs, supporting records, and signatures in advance.
- Final review: verify names, dates, and required fields before submission.
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What this form is for
- Use this form when reporting current earnings and profits of a foreign corporation that attaches it to Form 5471.
- Do not use this form when you are only reporting income/loss without detailing adjustments or currency conversions, though line 1 is mandatory.
- Check Form 5471 instead when filing the main document to which Schedule H is attached.
Form selector
Use this form or another form?
Reporting foreign corporation E&P
This schedule details the components of current earnings and profits for a foreign entity.
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General tax filing reference
The form itself is attached to Form 5471, which governs its use.
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Not stated in the official source
Schedule J detail required
Line 5c requires amounts to be entered based on categories shown on applicable Schedule J, Part I, line 3, column (a).
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Deadline or filing window
The form is attached to Form 5471, and while a specific due date for Schedule H alone is not provided, it must be filed concurrently with that main return. Instructions direct users to www.irs.gov/Form5471 for the definitive filing window.
Checklist
What you need before filling it out
Line 1 (Current year net income/loss)
Amount from foreign books of account · Line 1
Lines 2a-2i (Net adjustments)
Specific adjustment amounts (e.g., Capital gains, Depreciation) · Lines 2a through 2i
Line 5c(iii)(A)
Country code and amount for Sanctioned Category A · Line 5c(iii)(A)
Line 5d (E&P in U.S. dollars)
Amount from line 5c translated at average exchange rate · Line 5d
Line 5e (Exchange Rate Used)
The specific exchange rate used for translation · Line 5e
Before you submit
- 1Enter all amounts on lines 1 through 5c in functional currency.
- 2Calculate Total net additions by summing line 1 plus line 3 minus line 4, and enter the result on line 5a.
- 3Ensure Line 5c combines the amount from line 5a and 5b, and is entered on line 5c.
- 4Verify that lines 5c(i) (General) and 5c(ii) (Passive) amounts match applicable Schedule J, Part I, line 3, column (a).
- 5If reporting a sanctioned country amount, confirm the correct country code is entered on lines 5c(iii)(A) through 5c(iii)(D).
- 6Confirm that line 5d reflects the translation of line 5c using the rate provided on line 5e.
- 7Ensure the EIN (if any) for the foreign corporation is correctly listed at the top of Form 5471.
How to file this form
- 1Complete lines 1 through 2i by entering the required net income/loss and all corresponding adjustments in functional currency.
- 2Calculate total additions (line 3) and total subtractions (line 4), then determine line 5a (Current E&P).
- 3Combine line 5a and 5b onto line 5c, ensuring to break down the amount into categories on lines 5c(i) through 5c(iii)(D) as applicable.
- 4Translate the final combined amount from line 5c into U.S. dollars on line 5d, documenting the exchange rate used on line 5e.
- 5Attach the completed Form 5471 (Schedule H) to your main Form 5471 before mailing it.
Known limitations
- 1Amounts entered on lines 1 through 5c must be in functional currency.
- 2Line 2g income taxes must reference Schedule E, Part I, Section 1, line 6, column (m), and Part III, line 3, column (i) for context.
- 3The amount for line 5d (Current earnings and profits in U.S. dollars) requires translation at the average exchange rate defined in section 989(b)(3) and related regulations.
Field map
Compact field-by-field guide
General Info
2 items
Full legal name and taxpayer identification number (SSN or EIN).
Current mailing address.
Details
2 items
Complete all applicable sections of this form according to the official IRS instructions.
Enter the relevant dollar amount if this form involves tax calculation.
Certification
1 items
Read and acknowledge any certifications required by this form.
Signatures
1 items
Sign and date. Unsigned forms cannot be processed.
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Fillable formOpen in Editor->The current edition of IRS Form 5471 (Schedule H) is dated December 2021; the form directs users to www.irs.gov/Form5471 for instructions and the latest information.
What changed or needs a fresh check
- Edition date — confirm the revision reads December 2021.
- OMB Number — confirm it reads 1545-0123.
- Attachment requirement — confirm this form is attached to Form 5471.
- Currency entry — confirm amounts on lines 1 through 5c are in functional currency.
Quick Facts
Downloads
After you file
- 1Retain a copy of IRS Form 5471 (Schedule H) for record-keeping.
- 2The form must be attached to the main Form 5471 when filing with the Internal Revenue Service.
- 3If errors occur, the instructions suggest consulting www.irs.gov/Form5471 for guidance on correction.
- 4Ensure the revision date reads December 2021 (or later) before filing.
Sources
- SRCLine 1 through 5c amounts must be entered in functional currency (Instructions p.1).
- SRCLine 1 is the current year net income or (loss) per foreign books of account (Form p.1).
- SRCLines 2a through 2i are the specific adjustments that determine current earnings and profits (Form p.1).
- SRCLine 3 is the Total net additions, calculated from line 2 (Form p.1).
- SRCLine 4 is the Total net subtractions, calculated from line 2 (Form p.1).
- SRCLine 5c requires combining lines 5a and 5b, and then detailing amounts for various categories (Form p.1).
Common confusion points
What do I enter on Line 5c(iii)(A) through 5c(iii)(D)?
These lines break down the total amount from line 5c based on specific sanctioned countries.
→ Check the corresponding country code for each category (A, B, C, D).
Where does the information for Line 1 come from?
It is the current year net income or (loss) as shown per the foreign books of account.
→ Confirm this amount matches your company's primary financial records.
How do I calculate line 5a?
It is Line 1 plus Line 3 minus Line 4.
→ Verify that Lines 2a through 2i have been correctly totaled to arrive at Line 3 and Line 4.
What is the difference between Line 5a and Line 5c?
Line 5a is the current earnings and profits in functional currency, while Line 5c is the combined total of Line 5a and Line 5b.
→ Ensure you calculate Line 5b (DASTM gain or loss) correctly if your corporation uses DASTM.
What do I put on Line 5d?
It is the result of line 5c translated into U.S. dollars using a specific average exchange rate.
→ Confirm this translation matches the definition in section 989(b)(3).
Do I need to fill out all categories under 5c(iii)?
No, only enter amounts for the sanctioned countries relevant to your corporation.
→ If no sanctions apply, you may still need to complete 5c(i) and 5c(ii).
Workflow map
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⚠ If something goes wrong
- Visit www.irs.gov/Form5471 for instructions to guide corrections.
Questions about IRS Form 5471-SH
What is IRS Form 5471-SH used for?
This form helps track the financial performance of a foreign company for U.S. tax purposes. It compiles the company's yearly income, subtracts various adjustments, and reports the final earnings figure. This allows the IRS to properly account for the corporation's profits within the United States.
Who must file IRS Form 5471-SH?
The form is filed by the party responsible for reporting the foreign corporation's finances, as indicated on Form 5471 itself. The official title specifies that it relates to a 'foreign corporation.'
What information does IRS Form 5471-SH require?
The form collects data starting with Line 1 (Current year net income or (loss) per foreign books of account). It details adjustments in Lines 2a through 2i, and concludes by reporting the final Current earnings and profits on Line 5a.
Where do I file IRS Form 5471-SH?
The form must be submitted with Form 5471. Instructions state that users can go to www.irs.gov/Form5471 for further guidance on submission location.
How do I complete IRS Form 5471-SH?
The filer must first enter identifying information (Name of person filing and EIN) at the top. Next, all amounts from Line 1 through Line 5c must be entered in functional currency before calculating the final figures on Lines 5a through 5d.
What do I enter on Line 5c(iii)(A) through 5c(iii)(D)?
These lines break down the total amount from line 5c based on specific sanctioned countries. Check the corresponding country code for each category (A, B, C, D).
Where does the information for Line 1 come from?
It is the current year net income or (loss) as shown per the foreign books of account. Confirm this amount matches your company's primary financial records.
How do I calculate line 5a?
It is Line 1 plus Line 3 minus Line 4. Verify that Lines 2a through 2i have been correctly totaled to arrive at Line 3 and Line 4.
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