Taxation of U.S. Owners of Foreign Corporations and Completing Form 5471 (Completed)

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 for the revised version of the form

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