Taxation of U.S. Owners of Foreign Corporations and Completing Form 5471
Author: Robert J. Misey
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2027 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
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.
Publication Date: August 2024
Topics Covered
- Categories of Filers in Form 5471
- Subpart F Income
- GILTI
- Earnings and Profits
- Foreign Tax Credits
- Foreign Currency Translation
- Transfer Pricing
- Penalties
- Completing the Form 5471
Learning Objectives
- Identify the tax law behind the informational requirements on Form 5471
- Identify U.S. international tax reporting and compliance with respect to foreign corporations
- Identfy the rule that is applicable to transfer pricing
- Identify the type of Category 1 filer that is unrelated to the CFC
- Identify the information that is reported on Schedule H of Form 5471
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
