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Form 5471 automated preparation

Form 5471 Schedule M - Transactions Between Controlled Foreign Corporation and Shareholders or Other Related Persons

You can manually enter Schedule M data in Organizer, import it using ONESOURCE Excel Add-In or ONESOURCE Workpapers, or transfer it from the Form 5471 Schedule M Workpaper in ONESOURCE Income Tax International foreign entity binders. The
Form 5471 Schedule M Cross Reference Chart
 (
Charts > International
) and the Form 5471 Schedule M Workpaper (
Binder > Foreign Entity
) are used together to automate transferring data to Organizer for foreign corporations (CFCs and 10/50s).
In the Form 5471 Schedule M Cross Reference Chart, federal accounts are mapped to rows on the form. A single relationship is created for a given chart. During a TAS Compute, the U.S. Dollar Balance After Tax Reclass amounts from the Working Trial Balance flow to the Form 5471 Schedule M Workpaper within a foreign entity binder. Within the workpaper, the federal account balances are allocated to Schedule M columns by amount or by formula. Formulas are displayed in blue and entered within square brackets ([]) as either a percentage of the account total ([80.00%]) or as the remaining unallocated amount ([BAL]).
When you run
International Compute \ Transfer to US5471, US8865 and US8858
, information in the Schedule M Workpaper is transferred to hidden fields in the Organizer. The amounts are visible in the
5471 Tax Form
 view, but not within Organizer. Any data entered into
Organizer > Foreign Information > Foreign Corporation > {entity name} > Schedule M
 supersedes the transferred values.

This article applies to:

  • Product: ONESOURCE International Tax
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