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 video webinar with Q&A
This CLE/CPE course 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 applying 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.
Outline
- 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
Benefits
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
Faculty

Chaya Kundra
Attorney
Kundra & Associates
Ms. Kundra is a tax law adviser, litigator, and tax controversy attorney who operate practices in Maryland and... | Read More
Ms. Kundra is a tax law adviser, litigator, and tax controversy attorney who operate practices in Maryland and Washington, D.C. with clients local, nationwide, and residing all over the world. Her practice focuses on tax controversy and international tax compliance, among others. Her practice serves entrepreneurs, businesses and individuals with legal, tax and financial counseling.
Close
John Samtoy
Tax Partner
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