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

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 differentiate between the Form 5471 categories of filers
  • You will be able to identify the requirements in completing a Form 5471
  • You will be able to recognize terms and definitions used in the instructions in Form 5471
  • You will be able to identify common mistakes when completing the Form 5471

Runtime: 98 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

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?
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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 June 5, 2019.

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

  • CPE/NASBA - QAS Self Study 2.6 including Taxes 2.6
     
  • 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: 2.6 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 2.6 hours. Prerequisite: . 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

Daniel (Danny) J. Bell

Daniel (Danny) J. Bell

McDermott Will & Emery

  • 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

  • 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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Product ID: 406357
Published 2019
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