Form 990 Schedule H Part V Section B 2023-2024

Oh, getting us our discussion on form 1120s and by far one of the riskier returns for any CPA to prepare. A lot more, so than the form 5471. Why? The form 5471 is an information return. The most you can do is make a mistake in computing subpart F income, decline or incur some tax or maybe some understatement penalty. But not going to have the consequences if you blow the form 1120s lever. So we're going to jump to the purpose of the form because it is such an important form. The IRS actually has a safety net built into the instructions. It is the only form that I know of. So, the purpose of the form we can see here is to be part of the income, of course, and it talks about who must file. And there's a couple of things to look at. The corporation was engaged in a U.S. trade or business, whether or not it had U.S. source income and huge, because engaged in the business means you have an office here, you had staff here. You can still have foreign source income and have an office here. And we're going to talk about why that's so. Why the form 1120s is so important in just a moment in these instructions. The purpose of the form is also required to be found. So they, who must file, and then they have kind of a caveat in case you forget or they forgot to obtain a refund. Okay, pay me the other benefit or deductions, really important. And I claim that a treaty override. So when the treaty overrides, as most of you know, you have to file form 8833 explaining why. And that's really important. And you just can't stress it too much because...