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International Tax Forms and Reporting Requirements

Gain a better understanding of the new tax changes for United States 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 identify the reporting requirements of Form 5471.
  • You will be able to differentiate between the five reporting categories.
  • You will be able to identify the definitions in the reporting of Form 5471.
  • You will be able to differentiate between the various Form 5471 Form schedules and their purpose.

Runtime: 90 minutes
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Why Lorman?

Over 33 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 33 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 Course

This course was last revised on February 14, 2020.

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

  • CPE/NASBA - QAS Self Study 2.2 including Taxes 2.2
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study 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: 2.2 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 2.2 hours. Prerequisite: basic knowledge of taxation. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement 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.
     
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Why Lorman?

Over 33 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 33 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: 407550
Published 2020
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