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100-minute live streaming program
  • February 19
  • 1:00 - 2:40 pm EST

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Audio & Reference Manual

IRS Form 5471: Information Return for U.S. Persons With Respect to Certain Foreign Corporations

February 19

Are you confident in your IRS Form 5471 filing skills? Avoid costly audits and penalties with an in-depth discussion from international tax veterans.

United States persons who own interests in foreign entities must comply with a variety of U.S. reporting requirements. One of the most common, and also most complex, is the Form 5471 requirement. Most tax practitioners know that U.S. shareholders of controlled foreign corporations must file a Form 5471. But the reporting requirement applies to a variety of situations involving foreign corporations and, in some cases, can apply to U.S. persons who are not direct shareholders of a foreign corporation. Completing the Form 5471 can be a daunting task. Shareholders frequently must report detailed information regarding the corporation’s assets and income. And significant penalties may apply to taxpayers who fail to comply with the Form 5471 reporting requirement.

Learning Objectives

  • You will be able to identify when a Form 5471 must be filed.
  • You will be able to discuss the impact of tax reform on Form 5471 filing requirements.
  • You will be able to recognize the penalties that may apply for failure to file a Form 5471.
  • You will be able to review options for remedying noncompliance while mitigation penalty exposure.

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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All Lorman Education courses are based on the latest information and the experiences of our instructors, and each of our instructors are experts in their fields. To enjoy access to our training programs for a full year, consider investing in an All-Access pass. Find out more by contacting our office today.

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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?
  • Category 2 Filers - U.S. Officers or Directors of Certain Foreign Corporations
  • Category 3 Filers – Transactional Filing Requirement for U.S. Persons
    • Other Considerations:
  • Category 4 Filers - U.S. Persons Who Control a Foreign Corporation
    • Attribution Rules
  • Category 5 Filers – U.S. Shareholders of CFCs
    • CFC Defined
    • U.S. Shareholders of a CFC Defined
    • Other Considerations for U.S. Shareholders
Completing Form 5471
  • Content for Category 2 – 5 Filers
  • Common Mistakes and Red Flags
Penalties for Failure to File
  • Monetary Penalty
  • Loss of Foreign Tax Credits
  • Extension of Statue of Limitations
Resolving Noncompliance
  • Delinquent Information Return Procedure
    • Requirements
    • Penalties
  • Offshore Voluntary Disclosure Program
    • Requirements
    • Penalties
    • Streamlined Procedure
  • What Constitutes "Reasonable Cause" and Non-Willful Conduct?
Purchase Options
Can't Attend?

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

OnDemand Webinar

This course was last revised on April 21, 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

  • 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).
     
  • 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: basic knowledge of taxation. 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, tax preparers, CFOs, controllers, enrolled agents, business owners and managers, presidents, vice presidents, CEOs, business and financial analysts, risk managers, operations managers and consultants.

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Can't Attend?

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.

Faculty

Daniel (Danny) J. Bell

Daniel (Danny) J. Bell

McDermott Will & Emery LLP

  • Associate at McDermott Will & Emery LLP
  • Focuses his practice on domestic and international estate, gift and income tax planning; his practice is predominantly international
  • Has assisted clients with cutting-edge estate, income and gift tax mitigation strategies, including domestic and offshore tax compliance, tax controversy and litigation, pre-immigration planning, expatriation and business succession planning, estate and trust administration, as well as family multigenerational wealth preservation strategies
  • Has also advised high-net-worth individuals with sophisticated tax and wealth transfer planning and implementation
  • LL.M. degree, with distinction, Georgetown University Law Center; J.D. degree, cum laude, College of William and Mary School of Law; B.S. degree, summa cum laude, Elon University
Kevin Hall

Kevin Hall

McDermott Will & Emery LLP

  • Associate with McDermott Will & Emery LLP
  • Focuses his practice on domestic and international tax matters for multinational companies and high-net-worth individuals
  • Has experience planning and implementing a variety of transactions, including domestic and cross-border mergers, acquisitions, spin-offs, and joint ventures; he has provided tax advice in connection with capital markets transactions and cross-border lending transactions and has also advised fund sponsors and fund investors
  • Provides sophisticated tax planning for non-U.S. companies and individuals doing business in the United States and for U.S. companies and individuals doing business outside of the United States
  • LL.M degree, New York University; J.D. degree, summa cum laude, University of Florida; B.S. degree, Wake Forest University
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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: 404976
Published 2017, 2019
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