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IRS Form 5471: Information Return for U.S. Persons With Respect to Certain Foreign Corporations

Are you confident in your IRS Form 5471 filing skills? Avoid costly audits and penalties with an in-depth discussion from international tax veterans.United States persons who own interests in foreign entities must comply with a variety of U.S. reporting requirements. One of the most common, and also most complex, is the Form 5471 requirement. Most tax practitioners know that U.S. shareholders of controlled foreign corporations must file a Form 5471. But the reporting requirement applies to a variety of other U.S. persons—including, in some cases, U.S. persons who are not direct shareholders of a foreign corporation. Completing the Form 5471 can be a daunting task: shareholders frequently must report detailed information regarding the corporation’s assets and income. And significant penalties may apply to taxpayers who fail to comply with the Form 5471 reporting requirement.


Runtime: 98 minutes

Topic Outline

This program covers everything necessary for an accountant to help their client prepare a Form 5471 for submission to the IRS. We have designed it for experienced legal professionals, and after successful completion, you may qualify for continuing education credits from your state public accountancy board. Specific topics covered include:

  • How to determine which category the individual should file under through an analysis of Subpart F rules
  • The currency translation rules listed in Schedules C, E and F, and what they mean for your client
  • How to determine earnings and profits as per Schedules H and J
  • How to properly report intercompany transactions as per Schedule M

Understanding how to prepare a 5471 form is a complex topic requiring ongoing training. Upon completion of this program, students will have the background necessary for further study. To learn more, visit the Credits tab on this page.

Convenient Training Options for Your Busy Schedule

At Lorman Education Services, we understand that today’s accounting and legal professionals may not have time to pursue in-classroom training options. That’s why we go out of our way to make our training program on filing a 5471 form accessible in multiple formats and platforms. In just a few minutes, you can access our archived webinar consisting of a prerecorded slideshow and audio file. You can also choose to download an MP3 or have the files mailed to you on a USB flash drive — whatever works best for your schedule.

This commitment to innovation and accommodation has made Lorman Education Services a leading partner to the accounting industry for more than 28 years. View our complete catalog of live and archived webinar and training offerings by visiting our Training section above.

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All Lorman Education courses are based on the latest information and the experiences of our instructors, and each of our instructors are experts in their fields. To enjoy access to our training programs for a full year, consider investing in an All-Access pass. Find out more by contacting our office today.

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Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Who Must File?

  • Category 2 Filers - U.S. Officers or Directors of Certain Foreign Corporations
  • Category 3 Filers – Transactional Filing Requirement for U.S. Persons

– Other Considerations:

  • Category 4 Filers - U.S. Persons Who Control a Foreign Corporation

– Attribution Rules

  • Category 5 Filers – U.S. Shareholders of CFCs

– CFC Defined

– U.S. Shareholders of a CFC Defined

– Other Considerations for U.S. Shareholders

Completing Form 5471

  • Content for Category 2 – 5 Filers
  • Common Mistakes and Red Flags

Penalties for Failure to File

  • Monetary Penalty
  • Loss of Foreign Tax Credits
  • Extension of Statue of Limitations

Resolving Noncompliance

  • Delinquent Information Return Procedure

– Requirements

– Penalties

  • Offshore Voluntary Disclosure Program

– Requirements

– Penalties

– Streamlined Procedure

  • What Constitutes "Reasonable Cause" and Non-Willful Conduct?
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More Program Information

Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on April 21, 2017.

Call 1-866-352-9540 for further credit information.

  • Enrolled Agents 2.0
     
  • This program qualifies for 2.0 hours of Continuing Education Credit for enrolled agents under Treasury Department Circular #230 Section 10.6(g).
     
  • AL CPE
     
  • This course is acceptable for 1.5 live credit hour(s) through the Alabama State Board of Public Accountancy.
     
  • GA CPE
     
  • This program is applicable for CPE credit. *The Georgia State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • IA CPE
     
  • This program is applicable for CPE credit. *The Iowa State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • IN CPE
     
  • This program is applicable for self study CPE credit. *The Indiana State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • KY CPE
     
  • This Ondemand program is applicable for CPE credit. *The Kentucky State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • MA CPE
     
  • This Ondemand program is applicable for CPE credit. *The Massachusetts State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • MD CPE
     
  • This course is not pre-approved for CPE credit in your state however, it is applicable. *Please check the rules and requirements in your state for compliance.
     
  • ME CPE
     
  • This Ondemand program is applicable for CPE credit. *The Maine State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • MI CPE
     
  • This Ondemand program is applicable for CPE credit. *The Michigan State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • MO CPE
     
  • This Ondemand program is applicable for CPE credit. *The Missouri State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • MT CPE
     
  • This Ondemand program is applicable for CPE credit.* *The Montana State Board of Accountancy has final authority on the acceptance of individual courses and providers. Please check the rules and requirements for CPE compliance and calculate the amount of credit hours you can claim for self study courses.
     
  • ND CPE
     
  • This Ondemand program is applicable for CPE credit. *The North Dakota State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • NH CPE
     
  • This Ondemand program is applicable for CPE credit. *The New Hampshire State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • NV CPE
     
  • This Ondemand program is applicable for CPE credit.*The Nevada State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • OH CPE
     
  • This Ondemand program is applicable for CPE credit. *The Ohio State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • PA CPE
     
  • This Ondemand program is applicable for CPE credit. *The Pennsylvania State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • TX CPE 2.0
     
  • Lorman Business Center, Inc. has registered with the Texas State Board of Public Accountancy as a CPE Sponsor. This registration does not constitute an endorsement by the Board as to the quality of our CPE Program. This program qualifies for 2.0 hours of continuing professional education.
     
  • VA CPE
     
  • This Ondemand program is applicable for CPE credit. *The Virginia State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     
  • WA CPE
     
  • This Ondemand program is applicable for CPE credit.* *Please check the rules and requirements in your state for compliance.
     
  • WY CPE
     
  • This Ondemand program is applicable for CPE credit. *The Wyoming State Board of Accountancy has final authority on the acceptance of individual courses and providers.
     

Audio & Reference Manual

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MP3 Download

No credit available.

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More Program Information

Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Kevin Hall

Kevin Hall

Holland & Knight LLP

  • Tax lawyer at Holland & Knight LLP
  • Practice focuses on domestic and international taxation; includes tax advice to clients on a wide range of transactions, and to foreign clients investing in the United States and to U.S. clients investing internationally
  • Writes and speaks about international tax topics
  • Admitted to the Florida and D.C. Bar and is a certified public accountant in Florida
  • J.D. degree, University of Florida Levin College of Law; M.S. degree in accounting, and B.S. degree in business, Wake Forest University; LL.M. degree in taxation, New York University School of Law
No photo available

Natalia Velez

RSM US LLP

  • International Tax senior manager at RSM US LLP
  • Provides international tax advisory services to businesses and individuals, including inbound and outbound transaction planning focusing primarily on structuring client’s international operations to minimize their worldwide effective tax rate
  • Analyzes the impact of recent tax legislation and income tax treaties on cross-border transactions, including permanent establishment and tax residence thresholds, as well as applicable taxes
  • Complex reporting of foreign financial assets and extensive offshore voluntary disclosure experience
  • Pre-immigration and expatriation tax planning and compliance
  • Master’s degree in taxation, Boston University
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Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 400088
Published 2017
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