Form 5471 Substantial Compliance Rules: IRS International Practice Unit Guidance
Recognizing When the IRS Will Deem an International Tax Information Filing as Not "Substantially Complete"
Recording of a 90-minute premium CLE/CPE webinar with Q&A
This webinar will provide tax counsel and advisers with a practical discussion of IRS International Practice Unit (IPU) guidance on what constitutes "substantial compliance" in filing Form 5471, Information Return of U.S. Persons With Respect To Certain Foreign Corporations. The panel will detail the IRS guidance on the application of the substantial compliance doctrine and the meaning of "substantially complete" for purposes of the Service's imposition of penalties related to international information return requirements.
- IPU guidance on the meaning of "substantially complete"
- Substantial compliance vs. strict compliance
- Examples of application of substantial compliance by the tax court
- Difference between an income tax return and an informational tax return in terms of substantial compliance
- Other previous IRS guidance and memoranda
- Examples of when an informational filing is not substantially complete
- Errors apparent on the face of the Form 5471 return
- Errors beyond the face of the return
- Examples from the IPU
The panel will review these and other highly relevant concepts:
- IRC 6038 information reporting requirements and penalties
- Guidance on Category 4 vs. Category 5 filers
- How the IPU advises examiners to view substantial compliance in light of tax court holdings and prior IRS advice
- Errors "beyond the face" of Form 5471 that will cause an examiner to treat the filing as not substantially complete
- Common errors on Form 5471 that render the filing to be not substantially complete
Brooke M. Elliott
Holland & Knight
Ms. Elliott is an attorney in Holland & Knight's Miami office and a member of the firm's Private Wealth... | Read More
Ms. Elliott is an attorney in Holland & Knight's Miami office and a member of the firm's Private Wealth Services Group. She has experience with tax controversies, as well as domestic and international estate and tax planning.
With respect to international planning, Ms. Elliott provides tax advice to international clients planning to invest in the United States and to domestic clients investing internationally. She also advises clients on international tax compliance and has experience guiding clients through Internal Revenue Service (IRS) examinations and audits.Close
Holthouse Carlin & Van Trigt
Mr. Samtoy’s practice specializes in international tax compliance and consulting services, with a focus on... | Read More
Mr. Samtoy’s practice specializes in international tax compliance and consulting services, with a focus on individuals, closely-held businesses, and hedge funds. He has particular expertise in structuring and reporting foreign manufacturing arrangements and foreign holding companies, and is experienced in foreign asset disclosure requirements, as well as foreign trust and estate reporting.Close