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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 when different forms in reporting are required.

This topic will help you be able to identify the U.S. foreign information filing requirements for a U.S. owner with foreign investments, activities, or owners. You will also be able to identify the informational filing that may be required by a foreign corporation that conducts activities in the U.S. The material will also cover high-level technical concepts and their interaction with the foreign tax disclosures.

Runtime: 106 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

Tax Filing Obligations of a U.S. Investor in a Foreign Corporation

  • Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund (Form 8621)
    • How to Identify Whether the Foreign Corporation Is a PFIC
    • The Tax Consequences of Owning a PFIC
    • Elections That an Investor Can Make With Respect to a PFIC
    • Reporting Requirements of a PFIC
  • Information Return of U.S. Persons With Respect to Certain Foreign Corporations (Form 5471)
    • How to Identify Whether a Form 5471 Is Required
    • Identify Various Categories of Income and How to Report Them on Schedules E, E1, H, J, P
    • Identify Taxable Income to the U.S. Shareholders and Interaction With Other Forms (Form 8992, 1118, etc.)
  • Information Return of U.S. Persons With Respect to Foreign Disregarded Entities (FDEs) and Foreign Branches (FBs) (Form 8858)
    • How to Identify a Foreign Branch for Reporting Purposes
    • The Tax Consequences of Owning a Foreign Branch
  • Miscellaneous Reporting Requirements
    • Annual Return to Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts (Form 3520)
    • Statement of Specified Foreign Financial Assets (Form 8938)
    • Report of Foreign Bank and Financial Accounts (FBAR)
    • Return of U.S. Persons With Respect to Certain Foreign Partnerships (Form 8865)

Tax Filing Obligations of Foreign Owned U.S. Corporations, or Foreign Corporations That Conduct Activities in the U.S.

  • Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business (Form 5472)
    • Identify Factors That Require a Domestic or Foreign Corporation With U.S. Activities to File a Form 5472
    • Understand the Rationale for Reporting Monetary Activities With Foreign Shareholders, or Related Parties of Foreign Shareholders (i.e., BEAT, Section 267, etc.)
  • U.S. Income Tax Return of a Foreign Corporation (Form 1120-F)
    • How to Determine Whether There Is Effectively Connected Income Form a Trade or Business in the U.S.
    • Tax Consequences of Having ECI, Corporate Level Tax, Branch Profits Tax, Tax on Excess Interest
    • TreatyBased Return Positions
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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 August 12, 2020.

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).
     

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

MP3 Download

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

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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

Stanley A. Barsky, Esq.

Stanley A. Barsky, Esq.

EisnerAmper LLP

  • Principal in the New York office of EisnerAmper LLP
  • Practice involves a broad range of transactional and general advisory tax matters, with a focus on international tax issues
  • 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 347-735-4724 or [email protected]
Grace Jeon

Grace Jeon

EisnerAmper LLP

  • Senior Tax Manager at EisnerAmper LLP in the International Tax Group
  • Over 9 years of advising U.S. and foreign-based multinational publicly and privately held enterprises on domestic and international tax issues
  • Tax practitioner focused on international tax planning including structurer, international tax compliance, tax attribute analysis, and other quantitative services; works with both public and privately held businesses, closely held entities, private equity, and hedge funds
  • Prior to joining the firm, she was a Tax Manager with a Big 4 accounting firm specializing in international tax provision audit, quantitative tax services including validation of foreign earnings and profits, stock basis, and foreign tax credits pools, outbound and inbound international tax structuring and international tax compliance review
  • LL.M. degree in taxation, Northwestern University; J.D. degree, Chicago-Kent College of Law
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Product ID: 407593
Published 2020
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