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Official form guide
Form 5471-SM: 5471 (Schedule M)
Internal Revenue Service Form 5471 is used to report transactions between a controlled foreign corporation and its U.S. shareholders or related persons. Filers must complete a separate Schedule M for each corporation, and all amounts are reported in U.S. dollars using the average exchange rate for the corporation’s tax year.
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IRS Form 5471-SM - 5471 (Schedule M)
Internal Revenue Service Form 5471 is used to report transactions between a controlled foreign corporation and its U.S. shareholders or related persons. Filers must complete a separate Schedule M for each corporation, and all amounts are reported in U.S. dollars using the average exchange rate for the corporation’s tax year.
Risk Radar
Scan points- 1Submitting one Schedule M for multiple corporations.
- 2Failing to file a separate Schedule M for each controlled foreign corporation.
- 3Not translating foreign currency amounts to U.S. dollars using the average exchange rate.
- 4Leaving a transaction line (e.g., line 5 Cost sharing payments received) blank when a payment was made.
- 5Omitting amounts paid on lines 20‑29 (e.g., cost sharing payments paid) when such payments occurred.
Plain English
Schedule M shows how much money moved between a foreign corporation and the U.S. persons who own or are related to it. It lists both amounts the corporation received and paid, as well as any loans or balances owed during the year. All numbers are entered in U.S. dollars using the average exchange rate for that tax year.
Submission Date
- Filing date: 2021-12-28 22:13:24
- 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 transactions between a controlled foreign corporation and its U.S. shareholders or other related persons for the annual accounting period.
Form selector
Use this form or another form?
Transactions between CFC and U.S. shareholders need reporting
Schedule M is attached to Form 5471 to capture those transactions
✓ Confirm Schedule M is attached to Form 5471
Reporting accounts payable or loan balances of the CFC
Lines 31‑34 on Schedule M of Form 5471 capture those balances
✓ Verify amounts are entered in U.S. dollars using the average exchange rate
Reporting sales of inventory or tangible property by the CFC
Lines 1‑4 on Schedule M of Form 5471 require those totals
✓ Ensure totals reflect all related parties listed in columns (b)‑(f)
Deadline or filing window
Not stated in the official source.
Checklist
What you need before filling it out
Line 1 Sales of stock in trade
Total sales amount in functional currency · Financial statements of the foreign corporation
Line 15 Add lines 1 through 14
Sum of receipt amounts · Calculated on Schedule M
Line 31 Accounts Payable
Maximum balance during the year · Balance sheet of the foreign corporation
Reference ID number
Identifier for the foreign corporation · Instructions for Form 5471
Functional currency and exchange rate
Currency code and average rate used · Header section of Schedule M
Before you submit
- 1Confirm the revision date on the form reads 12/2021.
- 2Attach the completed Schedule M to Form 5471.
- 3Enter the functional currency and average exchange rate in the header.
- 4Complete a separate Schedule M for each controlled foreign corporation.
- 5Fill in lines 1 through 30 with amounts in U.S. dollars.
- 6Provide the Name of person filing and Identifying number.
- 7Sign the form where required before mailing.
How to file this form
- 1Gather the foreign corporation’s financial statements for the tax year.
- 2Translate all amounts to U.S. dollars using the average exchange rate and record them on Schedule M.
- 3Complete Schedule M, ensuring a separate schedule for each controlled foreign corporation and attach it to Form 5471.
- 4Review the form for completeness and sign where indicated.
- 5Mail the signed Form 5471 with attached Schedule M to the IRS and retain a copy for your records.
Known limitations
- 1The official source does not state a filing fee, so you must verify any required payment on the IRS website before submitting.
- 2Mailing address for Form 5471‑SM is not provided in the source; confirm the correct address in the latest IRS instructions.
- 3Signature requirements are absent from the source, meaning you should check the current form instructions to ensure a required signature is included.
- 4Edition date reads 12/2021; because tax forms often change, you should verify that a more recent revision has not been released.
- 5All amounts must be reported in U.S. dollars using the average exchange rate for the corporation’s tax year, as specified in the source.
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.
Almost done reviewing the fields?
Fillable formOpen in Editor->The form is Revision December 2021 (Rev. 12‑2021). The source directs filers to www.irs.gov/Form5471 for the latest information.
What changed or needs a fresh check
- Edition date — confirm the revision reads 12/2021
- Fee — Not stated in the official source
- Mailing address — Not stated in the official source
- Signature — Not stated in the official source
Quick Facts
Downloads
After you file
- 1After completing Schedule M, you must attach it to the appropriate Form 5471 and file both with your U.S. tax return by the due date.
- 2Retain a copy of the signed Schedule M and supporting exchange‑rate calculations for at least three years in case of IRS review.
- 3Verify that the functional currency and average exchange rate you reported match the corporation’s financial statements, as the source requires reporting in U.S. dollars.
- 4If you filed multiple Schedule M for different corporations, ensure each is separately attached to its corresponding Form 5471 to avoid processing errors.
- 5Before final submission, double‑check that the edition date on the form is still 12/2021; expect possible updates and re‑verify on the IRS site.
Sources
- SRCForm p.1 — Schedule M (Form 5471) is Rev. December 2021.
- SRCForm p.1 — Complete a separate Schedule M for each controlled foreign corporation.
- SRCForm p.1 — All amounts must be stated in U.S. dollars translated from functional currency at the average exchange rate for the foreign corporation’s tax year.
- SRCForm p.1 — Columns (a) through (f) identify the foreign corporation, the U.S. person filing, domestic corporation or partnership, other foreign corporation or partnership, 10%+ U.S. shareholder (other than filer), and 10%+ U.S. shareholder of any corporation controlling the foreign corporation.
- SRCForm p.1 — Lines 1‑14 record amounts received; lines 16‑29 record amounts paid; line 15 adds lines 1‑14; line 30 adds lines 16‑29.
- SRCForm p.2 — Lines 31‑34 capture accounts payable, maximum loan balances borrowed, accounts receivable, and maximum loan balances loaned during the year.
Questions about IRS Form 5471-SM
What is IRS Form 5471-SM used for?
Schedule M shows how much money moved between a foreign corporation and the U.S. persons who own or are related to it. It lists both amounts the corporation received and paid, as well as any loans or balances owed during the year. All numbers are entered in U.S. dollars using the average exchange rate for that tax year.
What information does IRS Form 5471-SM require?
It collects totals of each type of transaction between the foreign corporation and the persons listed in columns (b) through (f) on lines 1‑14 (amounts received) and lines 16‑30 (amounts paid), plus accounts payable, amounts borrowed, accounts receivable, and amounts loaned on lines 31‑34.
How do I complete IRS Form 5471-SM?
Enter the filer’s name and identifying number at the top of Schedule M. Specify the functional currency and the average exchange rate used. Fill in the totals for each transaction type in the appropriate columns on lines 1‑14 (amounts received) and lines 16‑30 (amounts paid), then report accounts payable, amounts borrowed, accounts receivable, and amounts loaned on lines 31‑34. Submit a separate Schedule M for every controlled foreign corporation.
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