Form 5471: Preparing Schedule C Income Statement and Schedule F Balance Sheet
Overcoming Challenges With Functional Currency, U.S. GAAP Presentation, and Translation Adjustments
Note: CLE credit is not offered on this program
A live 110-minute CPE webinar with interactive Q&A
This webinar will provide practical steps for meeting the requirements of Form 5471 Schedules C and F, the income statement and balance sheet, for tax preparers. Our panel will provide insights into meeting the IRS requirements for including these statements, including reporting these in functional currency and under U.S. GAAP.
- Form 5471: an overview
- Schedule C: income statement
- Schedule F: balance sheet
- Best practices
The panel will review these and other key issues:
- Filing requirements for Form 5471
- Translating financial statements to functional currency for Form 5471 Schedules C and using USD for Schedule F
- Handling translation adjustments
- Converting financial statements prepared on a basis other than GAAP to GAAP
- Mitigating IRS scrutiny of the income statement and balance sheet
Maria (Ri) Chan
STS-Int'l Managing Director
Ms. Chan has over 25 years of experience providing international, federal, and state tax compliance and consulting... | Read More
Ms. Chan has over 25 years of experience providing international, federal, and state tax compliance and consulting services to multinational corporations. She is responsible for providing international and corporate tax services to the firm’s clients, including those in the technology, banking, financial services, retail and manufacturing, real estate, media and entertainment industries.Close
Alison N. Dougherty, J.D., LL.M.
Director, Tax Services
Ms. Dougherty specializes in U.S. international tax reporting, compliance, consulting, planning, and structuring as a... | Read More
Ms. Dougherty specializes in U.S. international tax reporting, compliance, consulting, planning, and structuring as a significant contributor to the firm’s international tax practice. She has extensive experience assisting clients with U.S. tax reporting and compliance for offshore assets and foreign accounts. Ms. Dougherty provides outbound U.S. international tax guidance to U.S. individuals and businesses with activities in other countries. She also provides inbound U.S. international tax guidance to nonresident individuals and businesses with activities in the U.S. Ms. Dougherty has counseled U.S. taxpayers regarding the outbound formation, capitalization, acquisition, operation, reorganization, and liquidation of foreign companies. She has significant experience with U.S. federal nonresident tax withholding, foreign partner tax withholding, and FIRPTA withholding. She works closely with nonresident individuals and businesses regarding inbound U.S. real property investment. Additionally, Ms. Dougherty has assisted U.S. taxpayers with IRS amnesty program disclosures of offshore assets and foreign accounts.Close
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