How the U.S. Taxes Foreign Subsidiaries and How to Complete Form 5471 (Completed)
Date: Friday, August 18, 2023
Instructor: Robert J. Misey
| Begin Time: |
11:00am Pacific Time
12:00pm Mountain Time
1:00pm Central Time
2:00pm Eastern Time |
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
|
With more companies conducting business globally, the number of foreign subsidiaries has exploded. That leaves many U.S. owners needing to know the tax rules and file Form 5471, Information Return of U.S. Persons With Respect To Certain Foreign Corporations. The IRS is aggressively pursuing penalties for non-filing, so Form 5471 compliance is critical to understand.
Topics Covered
- Weeding through the confusing Form 5471 filing categories
- Determining Subpart F income that must be reported on Schedule I and Global Intangible Low-Taxed Income that must be reported on Schedule I-1
- Determining which foreign taxes are creditable
- Translating items denominated in foreign currencies
- Reporting intercompany transactions on Schedule M
- Failing to file Form 5471 and the related penalties
- Completing a sample Form 5741
Learning Objectives
- Understand the tax law behind the informational requirements on Form 5471
- Develop a practical understanding of U.S. international tax reporting and compliance with respect to foreign corporations
Level
Basic
Instructional Method
Group: Internet-based
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
