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Live Webinar

90-minute live streaming program
  • March 27
  • 1:00 - 2:30 pm EST

IRS Form 1120-F Reporting Updates

March 27

Gain a better understanding on why Form 1120-F filing compliance matters, and why filing a protective Form 1120-F becomes a necessity in certain situations.

Since the Internal Revenue Serviceís announcement in January 2017 that Form 1120-F noncompliance would become a focus of its Large Business and International Divisionís Audit and Compliance Campaign, foreign corporations with connections to the United States are becoming increasingly aware that the stakes for Form 1120-F noncompliance are very high. Foreign corporations must file Form 1120-F if they engaged in a U.S. trade or business, or had income, gain or loss that would be treated as effectively connected with the conduct of a U.S. trade or business. Beyond these two main criteria, a foreign corporation taking the position that it avoided triggering a permanent establishment in the United States or claiming some other income tax treaty benefit must also file to report that position. Foreign corporations with only limited activities in the United States may file a protective return to preserve tax benefits if an IRS examination later proves the corporation should have filed a return. This information helps both tax and nontax professionals to understand the types of connections or activities undertaken by foreign corporations in the United States that trigger Form 1120-F reporting, and to distinguish those activities from transactions that do not trigger such reporting. The information also helps you to understand why Form 1120-F filing compliance matters, and why filing a protective Form 1120-F filing becomes a necessity in certain situations.

Learning Objectives

  • You will be able to explain why Form 1120-F reporting matters and the penalties and other tax costs associated with noncompliance.
  • You will be able to identify connections to the United States by foreign corporations that trigger Form 1120-F reporting.
  • You will be able to recognize the interaction between U.S. income tax treaty provisions and Form 1120-F reporting.
  • You will be able to review situations in which protective Form 1120-F return filing becomes necessary and the benefits associated with such filing.

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Why Lorman?

Over 32 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?
  • U.S. Trade or Business Activities
  • Effectively Connected Income (ECI) Reporting
  • U.S. Income Tax Not Satisfied Through Withholding
  • Reporting Treaty-Based Positions (e.g., With Respect to Permanent Establishment)
Exceptions to Filing
  • No U.S. Trade or Business Activities, and No Tax Liability
  • Certain Exempt Income Only
  • Beneficiary of Estate or Trust Engaged in U.S. Trade or Business
Protective Returns
Penalties
Policing Form 1120-F Filing Compliance: IRS Audits
  • IRS LB&I Form 1120-F Campaign
  • Identification of Targeted Taxpayers
  • "Soft Letters" to Potentially Delinquent Filers
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More Program Information

Why Lorman?

Over 32 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

Live Webinar Registration

  • AIPB 1.5
     
  • This program is acceptable for 1.5 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     
  • Enrolled Agents 1.0
     
  • This program qualifies for 1.0 hours of Continuing Education Credit for enrolled agents under Treasury Department Circular #230 Section 10.6(g).
     
  • CPE 1.8 including Specialized Knowledge 1.8
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 1.8 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Specialized Knowledge for 1.8 hours. Prerequisite: basic knowledge of general accounting. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     
  • Lorman Business Center, Inc. is a registered provider for CPA CPE through the State Education Department of New York, Sponsor number: 000640. The following course will carry the subject area of Specialized Knowledge and Applications for 1.5 hours.
     

Who should attend?

This live webinar is designed for accountants, CFOs, controllers, accounts payable professionals, tax managers, tax preparers, presidents, vice presidents, bookkeepers and enrolled agents.

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Why Lorman?

Over 32 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

Stanley A. Barsky, Esq.

Stanley A. Barsky, Esq.

Fox Rothschild LLP

  • Partner in the New York office of Fox Rothschild LLP
  • Practice involves a broad range of transactional and general advisory tax law matters, with a focus on international tax issues, and represents clients in tax audits
  • Conducts regular seminars and workshops on numerous tax issues, including transactional and international tax matters, accounting methods, and others
  • Wrote several publications related to the areas of transactional and international tax matters, accounting methods, and others
  • American Bar Association, New York State Bar Association
  • LL.M. degree, New York University School of Law; J.D. degree, cum laude, University of Miami School of Law; B.S. degree, Vanderbilt University
  • Can be contacted at 212-878-7949 or [email protected]
Ronald Kalungi, Esq.

Ronald Kalungi, Esq.

Anchin, Block & Anchin LLP

  • Senior tax manager in the New York office of Anchin, Block & Anchin LLP
  • Practice involves a wide range of cross-border/international tax planning, consulting and compliance services
  • Conducts both internal and external seminars on international tax developments on a regular basis
  • Wrote several publications on international tax topics
  • American Bar Association, New York State Bar Association
  • J.D. degree and LL.B degree, Makerere University School of Law; LL.M. degree, Harvard Law School
  • Can be contacted at 212-863-1272 or [email protected]
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Why Lorman?

Over 32 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: 405151
Published 2019
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