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Forms 5471 and 8992

Sharp
Level 2

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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IRonMaN
Level 15

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


Slava Ukraini!

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17 Comments 17
IRonMaN
Level 15
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Sharp
Level 2

  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.

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IRonMaN
Level 15

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


Slava Ukraini!
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Sharp
Level 2

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

IRonMaN
Level 15

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


Slava Ukraini!
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Andrewpo
Level 2

It is a total disgrace that Form 8992 has not been included in the updates as Intuit was first notified by you in February of this problem. It is now nearly October and the form is still not available. Each year they increase the cost of this system yet it is and has been incomplete for years as I have been struggling completing Adobe PDF forms from the IRS, and then attaching them the the efile return. Finally we have the international forms 5471 and it is incomplete. Form 8992 is an IRS REQUIRED form

 

 

Andrewpo
Level 2

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

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.

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Still an AllStar
Andrewpo
Level 2

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.

 

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itonewbie
Level 15

We also specialize in expat tax.  I know what you mean about those practices... and Block.

I would strongly suggest that you give PTO a try for the few international returns you prepare.  Sign up for a trial and replicate those returns you prepared.  With Lacerte under the hood, it's much much better than manually preparing those international tax forms.  It's not perfect, largely because PTO lacks the nice-to-have features in Lacerte, but it gets the job done.

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Still an AllStar
miket
Level 1

What does PTO stand for? Proconnect?

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IRonMaN
Level 15

Pagan Tax Online


Slava Ukraini!
itonewbie
Level 15

@miket wrote:

What does PTO stand for? Proconnect?


Yes, PTO stands for ProConnect Tax Online.  Intuit tries to drop "Online" from the branding but they are not very consistent when they make reference to the product.

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Still an AllStar
miket
Level 1

Thanks

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LesEdy
Level 3

It is completely illogical that Proseries went to the huge trouble of implementing Form 5471 without also implementing Form 8992. Unless the foreign company is loss-making, Form 8992 will always be required to calculate and report GILTI. This is like selling a very complicated car (Form 5471) without an exhaust system (Form 8992). It's as if the Proseries developers don't know anything about tax law! If they did, it would have been obvious that Form 8992 is needed with Form 5471. I can only surmise that this omission was INTENTIONAL.

sjrcpa
Level 15

"This is like selling a very complicated car (Form 5471) without an exhaust system (Form 8992)"

Intuit is good at this. They sell you software but you can't use it without paying a Fast Path Fee. Even to use last year's software that you already paid for, along with last year's Fast Path Fee.


Ex-AllStar
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LesEdy
Level 3

Even from reputable CPA firms (forget about the online expat boiler rooms), I have seen Form 5471 and its schedules completely and utterly butchered. Wrong filing categories, wrong schedules completed based on the filing categories indicated, missing information all over the place, required statements not attached (even where it says 'SEE STMT' and there's no statement), completely wrong exchange rates used, balance sheets that don't balance. Congress and the IRS are utter bastards for not creating a higher threshold for filing, or for dormant filing, or creating a max 2-3 page "5471-EZ" for, e.g., foreign corporations with a small number of individual owners and under say $1 million (or $5 million) in revenue.