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Mastering Form 5471 For Interests In Foreign Entities: Determining Ownership Share And Correct Filing Status

Webinar: ID# 1020242
Recorded CD or On-Demand
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About This Course:
This webinar provides tax return preparers with a solid basis for handling difficult issues in completing Form 5471 (Information Return of U.S. Persons With Respect to Certain Foreign Corporations).

You will learn approaches for correctly identifying taxpayer categories and avoiding serious, but common, mistakes. In addition, the panel will highlight compliance and IRS audit issues that relate to disclosures on Form 5471.
Description

Filing Form 5471 requires data reporting that ranges from simple to highly complex. Correctly completing the form involves hours of intensive work, including proper record-keeping and data analysis. U.S. individuals and entities that own, acquire or dispose of shares of a foreign corporation may be required to file Form 5471 with their income tax returns. U.S. officers and directors of these foreign corporations may also have reporting responsibility.

Learn from the experiences of tax advisors familiar with the compliance nuances, audit red flags, common pitfalls and reporting demands related to Form 5471. They will offer lessons from their years of experience to help you confront IRS reporting and compliance challenges.

The IRS emphasis on international tax compliance makes accurate compliance a greater priority. Though in past years the IRS imposed penalties for late or non-filing selectively, the Service recently started automatically imposing hefty penalties on late and non-filers. Without reasonable cause, failure to file penalties can be $10,000 or more for each year and the running of the statutes of limitation may be suspended.

Listen as our panel of veteran advisors identifies and explains the more difficult aspects of preparing Form 5471 for U.S. owned foreign corporations. The panel will outline approaches to help you properly identify taxpayer reporting categories, determine relevant direct, indirect and constructive ownership interests, identify common compliance mistakes, and stay ahead of IRS examination issues.

Outline
  • Purpose of Form 5471
  • Who is required to file
  • Preparation of Form 5471

    • Schedules
    • Difficult compliance issues

  • IRS enforcement and audit environment to date

    • Background on Form 5471 penalties
    • Penalty structure for Form 5471
    • Use of Form 5471 as an IRS audit tool
Benefits

The panel will review these and other key concepts:
  • Understand the purpose of Form 5471, the categories of U.S. persons required to file, and reporting requirements
  • Master reporting financial and operational information needed to complete the form
  • Grasp key U.S. international tax reporting rules and obligations of U.S. persons with interests in foreign corporations
  • Avoid audit red flags and common errors that the Service looks for when reviewing Form 5471
Learning Objectives

After completing this course, you will have the knowledge to properly and efficiently complete Form 5471 and its associated schedules. You will learn about the data gathering required, the categories of U.S. persons required to file, and how to report the required financial, operational and tax information. You will also learn how to avoid common errors and audit red flags in completing Form 5471 and its schedules.

Continuing Education Credits Available

This program has been approved for 2.0 CPE hours through Strafford Publications. CPE Credit is available only for the LIVE webcast. Recorded versions do not qualify for credit.

Strafford 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.

Processing

To obtain CPE credit, attendees must participate in the live event, return an Official Record of Attendance to Strafford affirming their participation (including the CPE code announced during the program), and pay a processing fee of $35 per person.

Credit Confirmation

Strafford will mail a certificate of credit within approximately 2 weeks of receiving an attendee's completed Official Record of Attendance—provided all required conditions have been satisfied.


Delivery

Handout materials and the phone number for live presentations are made available to you 1 day prior to the event via email from the presenter. Copies of the presentations are included with recorded versions.

If you order a recorded version of the webinar, CD's will be mailed out approximately 10 days after the live event. Shipping is included in the price of recorded versions.
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Mastering Form 5471 For Interests In Foreign Entities: Determining Ownership Share And Correct Filing Status
Available on CD or On-Demand formats
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