Form 5471 Substantial Compliance Rules: New IRS International Practice Unit Guidance
When Will the IRS Deem An International Tax Information Filing as Not "Substantially Complete"?
Recording of a 90-minute CLE/CPE webinar with Q&A
This webinar will provide tax counsel and advisers with a practical discussion of recent 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 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 income tax return and informational tax return in application 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 key concepts:
- IRC 6038 information reporting requirements and penalties
- IPU 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
Alison N. Dougherty, J.D., LL.M.
Ms. Dougherty has extensive experience assisting clients with U.S. tax reporting and compliance for offshore assets and... | Read More
Ms. Dougherty has extensive experience assisting clients with U.S. tax reporting and compliance for offshore assets and foreign accounts. She specializes in international tax compliance, planning and structuring as a subject matter leader of her firm's international tax practice. Her responsibilities include U.S. Federal and multi-state tax compliance for C corporations, S corporations, partnerships and individuals. She also provides transactional tax planning and structuring services.Close
Steven Toscher, Esq.
Hochman Salkin Rettig Toscher & Perez
Mr. Toscher has been representing clients for more than 35 years before the IRS, the Tax Divisions of the U.S.... | Read More
Mr. Toscher has been representing clients for more than 35 years before the IRS, the Tax Divisions of the U.S. Department of Justice and the Office of the United States Attorney (C.D. Cal.), numerous state taxing authorities and in federal and state court litigation and appeals. His tax practice includes a wide array of substantive areas including income taxes, estate taxes, employment taxes, excise taxes, sales taxes and property taxes. He is routinely involved in sensitive issues or complex civil tax examinations and administrative appeals on behalf of individuals and their closely held entities and large corporations involving both domestic and foreign tax related issues.Close