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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.

As more U.S. companies view global markets as a necessity to survive and to grow, more U.S. companies own foreign subsidiaries to conduct foreign operations. Whether you are multinational with subsidiaries all over the globe or a closely-held business with a Canadian subsidiary, you will have to file IRS Form 5471 for every foreign corporation that you own. Although an information return, the Form 5471 is the place the IRS starts when auditing U.S. businesses that own foreign corporations. As a result, the proper preparation of the Form 5471 will offer the opportunity to document your planning and avoid audit-related pitfalls. Learn the law behind and the mechanics of how to prepare a Form 5471. New enforcement policies of the IRS with respect to failure to file Form 5471 will also be addressed.


Runtime: 100 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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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

Determining the Proper Category of the Filer Which Involves an Analysis of Subpart F Rules

Understanding the Currency Translation Rules for Schedules C, E and F

Determining Earnings and Profits for Schedules H and J

Determining the Nature and Amount of Intercompany Transactions, Which Must Be Properly Reported on Schedule M

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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

No credit available.

Audio & Reference Manual

No credit available.

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

Adam R. Konrad

Adam R. Konrad

Reinhart Boerner Van Deuren s.c.

  • Member of the Business, International and Tax Departments of Reinhart Boerner Van Deuren s.c.
  • Assists clients in a wide range of industries with international tax and business matters such as mergers and acquisitions, transfer pricing and export benefits
  • Admitted to the bar in Illinois and Wisconsin
  • LL.M and J.D. degrees in international and comparative law, Cornell Law School
  • Can be contacted at 414-298-8737 or [email protected]
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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.

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Product ID: 397303
Published 2016, 2017
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