A Dive into the IRS Form 5471 Schedule F
By Anthony Diosdi Form 5471 is used by certain U.S. persons who are officers, directors, or shareholders of foreign entities that are classified as corporations for U.S. tax purposes. The schedules of Form 5471 are used to satisfy the reporting requirements of the Internal Revenue Code. Schedule F of Form 5471 is required to be filed by filers. Schedule F of Form 5471 requires the shareholders of a foreign entity classified as a controlled foreign corporation (“CFC”) to prepare a balance sheet for the entity. The balance sheet of the foreign corporation should be prepared and translated in accordance with the U.S. GAAP.This article will take review into each column and line of 2020 Schedule F of the Form 5471. Who Must Complete the Form 5471 Schedule FThere are five…