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Foreign entity returns

Foreign entity returns

Completing Foreign Entity returns with ONESOURCE Income Tax involves the following tasks:
  • Completing book-to-tax work in the Tax Accounting System (TAS).
  • Allocating and apportioning income, expense, and asset adjusted tax balances to international baskets in the Sourcing Workpaper.
  • Running look through calculations for intercompany transactions.
  • Determining any current year subpart F or investment in U.S. property inclusions.
  • Tracking historical E&P and tax pools and layers and adjustments.
  • Determining current year Subpart F and Investment in U.S. Property inclusions.
  • Calculating deemed paid credits on distributions for Form 1118.
  • Completing the Form 8865 Schedule K-2 in U.S. Dollars by foreign country for foreign partnerships.
  • Entering data to prepare Form 5471 for both Controlled Foreign Corporations and Non-controlled Foreign Corporations.

Inside the Binder

When you open a foreign entity binder, you will see three folders:
Tax Accounting System
 - Use this area to import or manually enter current year balances and adjustments as well as produce book-to-tax reconciliation reports.
Tax Return
 – Use this area to complete the return and supplementary schedules with additional alphanumeric data for forms 5471, 8865, 8858, 8886, 8621 and to print tax forms.
Foreign Entity
- Use this area to categorize income and expenses (and assets, if applicable) flowing from the Tax Accounting System to appropriate international baskets and to populate data needed for international computes.

This article applies to:

  • PRODUCT: ONESOURCE Income Tax
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