Select International Tax Reporting Considerations Post-Tax Cuts & Jobs Act (Completed)

Join Adnan Islam, JD, MBA, LL.M., CPA, as he focuses on course will focus on U.S. global informational reporting issues with a summary overview of select international tax provisions, post-TCJA. This Webinar will not provide complex or computational examples of subpart F, GILTI or FDII.

Who Should Attend
International Tax Practitioners & Federal/Lead Tax professionals working with international business clients.

Topics Covered

• New and expanded Form 5471
• Modified definition of a US Shareholder
• Easier to have a Controlled Foreign Corporation (CFC)
• Existing Subpart F income
• GILTI tax - additional reporting: Form 8992 & Form 8993
• Sections 956 and 245A coordination
• Section 962 election for US individual Shareholders
• Smith case
• No FDII
• Passive Foreign Investment Company (PFIC)
• Annual reporting
• Exposures & issues if no CFC
• QEF election

Learning Objectives

• Identify reporting obligations and general tax effects of select, new international tax provisions under the TCJA, including for a CFC, GILTI, and PFICs
• Recognize how to mitigate GILTI tax with a Section 962 election for US individual shareholders
• Recognize the adverse tax issues as a PFIC shareholder/owner

Level
Intermediate

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
Basic knowledge and reading of subpart F income and CFCs (IRC Sections 951, 952, 954, 957, 958), IRC Section 962.

Advance Preparation
None