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Products
Vertex® Income Tax Solutions - International™
International Compliance is a comprehensive solution for international tax compliance that helps you analyze foreign information and reduce ever-increasing U.S. compliance burdens of your foreign operations. It allows you to easily gather and organize data to streamline the process of maintaining and computing Form 5471 and Form 1118 compliance information.
International Compliance features on-screen, IRS-published electronic forms for easy review and modification. It ensures accurate reporting of Forms 5471, 1118, and 8832, and provides a complete audit trail.
International Compliance functionality is divided into three levels:
Level I - Form 5471/8858 Basic Key Benefits
- Calculates Form 5471 schedules and attachments, except for Schedules I and J.
- Uses tax workpaper approach to input/import and process trial balance and adjusting entry data.
- Computes current-year earnings and profits.
- Features an easy, flexible data import process.
- On-screen, IRS-published electronic forms for easy review and modification to ensure accurate reporting of Forms 5471 and 8858
Level II - Foreign Operations Key Benefits
- Calculates Form 5471 Schedules I and J and Form 8858 Schedule C-1
- Maintains historical Earnings and Profits (E&P).
- Allows you to properly source income and directly allocate expenses to statutory and residual groupings.
- Apportions expenses based on flexible and customizable apportionment methods and bases.
- Computes the applicable Subpart F and Section 956 income inclusion of U.S. shareholders.
Level III - Full International Compliance Key Benefits that includes all Level II - Foreign Operations functionality, plus
- Calculates Form 1118 and attachments.
- Maintains excess foreign tax credits by year and baskets to be used for foreign tax credit carryback and carryforward.
- Provides interest expense apportionment methodology based on tax basis assets or fair market value assets that populates Form 1118, Schedule H automatically.
- Provides research and development deduction allocation and apportionment methodology based on gross sales or gross income that populates Form 1118, Schedule H automatically.
- Includes over 100 reports that can be saved and customized as Microsoft® Excel spreadsheets.
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