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Level 2
February 1, 2020
Solved

Forms 5471 and 8992

  • February 1, 2020
  • 17 replies
  • 85 views

Is ProSeries going to produce a 'complete' Form 5471 with all Schedules, AND Form 8992 GILTI?  Right now I am only seeing Form 5471 for 'basic information' only, BUT NOT Schedules E, H, J, O or P.  AND, I don't see Form 8992 at all? 

Are Forms 5471 and 8992 in process -- and when are they expected to be complete? 

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Best answer by IRonMaN

Ah!!  Thank you, Ironman.  However, I didn't see Form 8992 (GILTI) listed at all.  Do you agree with that?


Yeah, it doesn't look like they are going to be providing that form.

17 replies

IRonMaN
Level 15
February 1, 2020
SharpAuthor
Level 2
February 1, 2020

  I don't understand your response, IronMan.  I am working with 2019 program right now -- thus my questions.  Form 5471 is NOT COMPLETE (missing all the Schedules Identified),and I don't see Form 8992 at all.

IRonMaN
Level 15
February 1, 2020

The link provided has the release date for all of the forms provided by ProSeries.

Slava Ukraini!
Level 3
September 27, 2020

Its disgraceful that someone from Intuit has not responded to this deficiency in the software. What are we supposed to do, spend thousands of hours transferring everything to Lacert?

And I can't believe that we are the only Proseries users baffled by this problem. I guess its time to shop for new software

itonewbie
Level 15
September 27, 2020

International return has never been ProSeries forte.  It is not likely to change.  Lacerte and PTO should be your choice if your practice has enough clients filing international returns.  If you need to prepare just a few, PTO, which runs on the same Lacerte engine and charges you on a per return basis, would be a good option.

Even if you look outside of Intuit, there are only a few tax products that are really capable of handling international returns.  And being capable is very different from just having the forms available.

---------------------------------------------------------------------------------Still an AllStar
Level 3
September 27, 2020

Thank you. You are so right. Yes having the forms is one thing, completing them correctly is yet another. I saw somewhere that Intuit said Form 5471 was a reconciliation of GILTI income, as though it was something new. 

My practice does not have but a few clients that require 5471, 5472, 965, etc. and certainly not enough to justify paying more for tax software but more importantly, making the transition so late in the year. I have been downloading IRS Adobe pdf forms, completing them and compiling them using a PDF editor. But it seems that every time the IRS updates a form, it is not totally compatible with Adobe, with the biggest problem being (aside from not being able to save completed forms in many cases) is that when you compile several of the same forms, the numbers "bleed through" and all the forms either have the information of one entity or the information mixes that of different entities into one form. Last year this occurred on forms that were not compiled with others but only filed in the same folder on my PC. So this is no longer an option. 

Thanks again for replying to my ranting. I am now approaching 69 years of age and although I have been specializing in international tax my entire career, I am now finding it so very frustrating that the treasury doesn't simplify this for small businesses. I also don't understand how these other expat online tax services can do this type of work at such a ridiculously low fee. Actually I can. I have seen Block employees prepare "forms" without regard to previously made elections, I have seen CPA's who claim proficiency in international and expatriate tax screw up 5471s and schedules (especially these new schedules like J and P, file returns with no unreported income under the Streamlined program and submit incorrectly prepared  5471s, FBARs, 8938s, etc. Now as the new accountant, I am left advising if I should go back and amend this CPA's mess, and possibly open a can of worms on the new client.