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

Be confident in your IRS Form 5471 filing skills and avoid costly audits and penalties.

Form 5471, Information Return of U.S. Persons with Respect to Certain Foreign Corporations, is an annual tax reporting obligation of U.S. shareholders owning foreign corporations to disclose information like financial position, related party transactions, earnings and profits, changes in the ownership structure of foreign corporation, Subpart F income and G.I.L.T.I. income of the U.S. shareholder. A failure to timely file Form 5471 attracts a heavy penalty which makes it imperative to understand the triggering event for such reporting obligation. This material will help you develop a basic understanding of the process of identifying U.S. persons subject to the reporting obligation, the attribution rules to determine the U.S. filer status, the extent of reporting and differences in how attribution rules apply for reporting purposes versus other purposes of the Code such as the Subpart F provisions, including GILTI. These topics will be explained with the help of examples and relevant code sections and regulations that will assist you in the application of the regulations to specific facts to facilitate better understanding.

Learning Objectives

  • You will be able to identify filing requirements for the Form 5471
  • You will be able to Differentiate between Categories 4 and 5 of U.S. Filers Required to File Form 5471
  • You will be able to identify attribution rules
  • You will be able to identify the Form 5471 penalties

103 minutes
Course Exam
Certificate of Completion
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Over 35 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

Introduction

  • Introduction
  • Purpose of the Form

Categories of U.S. Filers Required to File Form 5471 (Category 1-5)

  • Category 1
  • Category 2
  • Category 3
  • Category 4
  • Category 5

Attribution Rules

  • Family Attribution Rules
  • Entities Attribution Rules
  • Difference Between Attribution for Form 5471 and CFC Purposes
  • Examples

Penalties for Failure to Timely File Form 5471

Common Mistakes

  • Practical Approach
  • Period to Cover
  • Change in Ownership That Attracts Form 5471 Filing Requirement for the First Time
  • Treaty Position
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Why Lorman?

Over 35 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 22, 2021.

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).
     
  • CPE/NASBA - QAS Self Study 2.8 including Taxes 2.8
     
  • 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: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.8 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 2.8 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 35 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

Andreas Apostolides

Andreas Apostolides

Ruchelman P.L.L.C.

  • Associate with Ruchelman P.L.L.C.
  • Offers thoughtful and thorough advice to his clients and helps them find significant efficiencies in structuring cross-border transactions and reorganizations
  • Started his tax career at the Washington, D.C. National office of Ernst & Young, LLP where he helped clients structure their transactions on a tax efficient basis and obtain favorable rulings from the I.R.S; thereafter, he obtained practical experience in the in-house setting, serving as tax counsel to a large global publicly-traded company in the D.C. Metro area and later to a Brooklyn-based media company
  • LL.M. degree, Georgetown University; J.D. degree, University of Pennsylvania; B.A. degree, Harvard College
  • Can be contacted at 212-755-3333 or [email protected]
Neha Rastogi

Neha Rastogi

Ruchelman P.L.L.C.

  • Associate with Ruchelman P.L.L.C.
  • Known for her thorough and professional approach to international tax matters; at Ruchelman, she regularly advises domestic and foreign clients on tax-efficient structuring
  • Cross-border practice is informed by her diverse experience in the tax environment
  • Before joining the firm, she qualified as an advocate and a member of the Institute of Chartered Accountants of India and worked at a leading tax law firm based in New Delhi; there she focused on planning and controversy matters, advising on the corporate income tax implications of activities in India as well as personal income tax and related compliance obligations
  • Recent client matters have involved the application of Subpart F, F.I.R.P.T.A., the entity classification and foreign tax credit rules, and international tax treaties, among other issues
  • LL.M. degree, New York Law School; LL.B. degree, University of Delhi
  • Can be contacted 212-755-3333 or [email protected]
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Over 35 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: 408683
Published 2021
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