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100-minute live streaming program
  • October 7
  • 1:00 - 2:40 pm EST

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Audio & Reference Manual

International Tax Forms and Reporting Requirements

October 7

Gain a better understanding of the new tax changes for U.S. shareholders of Foreign Corporations and provide you with a practical guide to completing the new Form 5471 and Form 8992.

The latest U.S. tax reform legislation (Tax Cuts and Jobs Act of 2017 -TCJA) enacted new requirements for U.S. shareholders of foreign corporations. Under the TCJA, a U.S. person who owns at least 10% of the shares of one or more foreign controlled corporation is required to include its Global Intangible Low-Taxed Income (GILTI) as current taxable income, regardless of whether any amount is distributed to the shareholder. Moreover, IRS significantly revised Form 5471, information return of U.S. persons with respect to certain foreign corporations. The 2018 version of the Form 5471 has doubled from eight to 16 pages and there have been substantial changes to the schedules. This topic will help you understand the new tax changes for U.S. shareholders of foreign corporations and provide you with a practical guide to completing the new Form 5471 and Form 8992. The material will help you identify taxpayer reporting categories and complete the new complicated schedules. Finally, the information will help you calculate GILTI inclusion which involves a multistep with numerous data inputs and analyze the impact of GILTI on your tax obligations.

Learning Objectives

  • You will be able to describe U.S. international tax reporting and compliance with respect to foreign corporations.
  • You will be able to recognize the categories for filing under Form 5471.
  • You will be able to define net CFC tested income and net deemed intangible income return for the computation of GILTI.
  • You will be able to identify foreign financial assets for Form 8938 reporting purposes.

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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

Form 5471: Information Return of U.S. Persons With Respect to Certain Foreign Corporations
  • Understanding the Five Categories and Reporting Requirements
  • Preparation of Form 5471 and Related Schedules
  • Completing Separate Schedules H, I-1, J, M, O, P
  • Common Mistakes and Errors
  • 5471 Completion Checklist
Global Intangible Low-Taxed Income (GILTI) and Form 8992
  • Introduction to GILTI
  • U.S. Shareholder, CFC, Net CFC Tested Income, Net Deemed Tangible Income Return
  • GILTI Computation
  • Completing Form 8992
Form 8938: Statement of Specified Foreign Assets
  • Who Is Required to File and What Is Required to Be Reported
  • Preparation of Form 8938, Reporting for Taxpayers With Foreign Assets
  • Relationship Among Forms 8938 and 5471
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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.

Credits

OnDemand Webinar

This course was last revised on July 19, 2017.

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

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Live Webinar Registration

  • AIPB 2.0
     
  • This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     
  • 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).
     
  • CAPP/CAPA
     
  • This is an IAPP qualifying continuing education activity.
     
  • CPE 2.0 including Taxes 2
     
  • 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: 2.0 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 2.0 hours. Prerequisite: . 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 Taxation for 2.0 hours.
     

Audio & Reference Manual

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Who should attend?

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

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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

Hussein Tarraf, CPA, CFE, CICA

Hussein Tarraf, CPA, CFE, CICA

Tarraf & Associates PC

  • Partner in the office of Tarraf & Associates PC
  • Practice emphasizes all aspects of accounting, auditing, taxation and other financial services
  • Member, American Institute of Certified Public Accountants; Association of Certified Fraud Examiners; Michigan Association of Certified Public Accountants and National Association of Tax Professionals
  • D.B.A. degree, Lawrence Technological University; M.B.A. degree, Wayne State University
  • Can be contacted at 313-680-3333 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: 406410
Published 2017, 2019
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