Mastering Form 5471 for Interests in Foreign Entities: Determining Ownership Share and Correct Filing Status

A live 110-minute CPE webinar with interactive Q&A


Wednesday, February 22, 2017
1:00pm-2:50pm EST, 10:00am-11:50am PST

Early Registration Discount Deadline, Friday, January 27, 2017


This webinar will provide tax return preparers with a solid basis for handling difficult issues in completing Form 5471 (Information Return of U.S. Persons With Respect to Certain Foreign Corporations). The panel will explain approaches for correctly identifying taxpayer categories and avoiding serious, but common, mistakes. In addition, the panel will highlight compliance and IRS audit issues that relate to disclosures on Form 5471.

Description

Filing Form 5471 requires data reporting that ranges from simple to highly complex. Correctly completing the form involves hours of intensive work, including proper record-keeping and data analysis. U.S. individuals and entities that own, acquire or dispose of shares of a foreign corporation may be required to file Form 5471 with their income tax returns. U.S. officers and directors of these foreign corporations may also have reporting responsibility.

Learn from the experiences of tax advisers familiar with the compliance nuances, audit red flags, common pitfalls and reporting demands related to Form 5471. They will offer lessons from their years of experience to help you confront IRS reporting and compliance challenges.

The IRS emphasis on international tax compliance makes accurate compliance a greater priority. Though in past years the IRS imposed penalties for late or non-filing selectively, the Service recently started automatically imposing hefty penalties on late and non-filers. Without reasonable cause, failure to file penalties can be $10,000 or more for each year and the running of the statutes of limitation may be suspended.

Listen as our panel of veteran advisers identifies and explains the more difficult aspects of preparing Form 5471 for U.S. owned foreign corporations. The panel will outline approaches to help you properly identify taxpayer reporting categories, determine relevant direct, indirect and constructive ownership interests, identify common compliance mistakes, and stay ahead of IRS examination issues.

Outline

  1. Purpose of Form 5471
  2. Who is required to file
  3. Preparation of Form 5471
    1. Schedules
    2. Difficult compliance issues
  4. IRS enforcement and audit environment to date
    1. Background on Form 5471 penalties
    2. Penalty structure for Form 5471
    3. Use of Form 5471 as an IRS audit tool

Benefits

The panel will review these and other key concepts:

  • Understand the purpose of Form 5471, the categories of U.S. persons required to file, and reporting requirements
  • Master reporting financial and operational information needed to complete the form
  • Grasp key U.S. international tax reporting rules and obligations of U.S. persons with interests in foreign corporations
  • Avoid audit red flags and common errors that the Service looks for when reviewing Form 5471

Learning Objectives

After completing this course, you will be able to:

  • Identify requirements to complete Form 5471 and its associated schedules
  • Establish data gathering required for Form 5471
  • Recognize the categories of U.S. persons required to file
  • Indicate reporting of the required financial, operational and tax information
  • Discern common errors and audit red flags to avoid in completing Form 5471 and its schedules

Faculty

Alison N. Dougherty, J.D., LL.M., Director
Aronson, Rockville, Md.

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.

John Samtoy, Tax Principal
Holthouse Carlin & Van Trigt, Costa Mesa, Calif.

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.


Registration per Person for Live Event

Additional lines for this conference can be purchased at 25% off. For orders of five or more lines, further discounts will apply and will be automatically reflected in the cart.

Live Webinar $97.00

Includes Early Discount Savings of $50.00 (through 01/27/17)

Live Webinar & CPE Processing $132.00

Includes Live Webinar Early Discount Savings of $50.00 (through 01/27/17)


CPE per Person on Live Event

Continuing Professional Education credit processing is available for an additional fee. CPE processing must be ordered prior to the event. To qualify for CPE you may not listen via the telephone.

This program is eligible for 2.0 CPE credits.

  • Field of Study: Taxes.
  • Level of Knowledge: Intermediate.
  • Advance Preparation: None.
  • Teaching Method: Seminar/Lecture.
  • Delivery Method: Group-Internet (via computer).
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of verification codes announced throughout the presentation.
  • Prerequisite: Three years+ business or public firm experience at mid-level within the organization, preparing complex tax forms and schedules; supervisory authority over other preparers/accountants. Specific knowledge and understanding of Form 5471 (Information Return of U.S. Persons With Respect to Certain Foreign Corporations); familiarity with the 5471 IRS penalty structure and key U.S. international tax reporting rules and obligations of U.S. presons with interests in foreign corporations.

NOTE: CPE credit processing for all attendees must be ordered by 2pm Eastern the day of the program to receive a Certificate of Attendance within 24 hours.


Recordings

Recorded Event

Includes full event recording plus handouts (available after live webinar).

Note: Self-study CPE and EA credits are not offered on recorded events.

Recorded Webinar Download $97.00
Available 48 hours after the live event

Includes Early Discount Savings of $50.00 (through 01/27/17)

How does this work?

Recorded Audio Download (MP3) $97.00
Available 24 hours after the live event

Includes Early Discount Savings of $50.00 (through 01/27/17)

How does this work?

DVD (Slide Presentation with Audio) $97.00 plus $9.45 S&H
Available ten business days after the live event

Includes Early Discount Savings of $50.00 (through 01/27/17)

How does this work?


Registration Plus Recorded Event

Best value!

Live Webinar & Webinar Download $144.00

Includes Special Savings of $150.00 (through 01/27/17)

Live Webinar & Audio Download $144.00

Includes Special Savings of $150.00 (through 01/27/17)

Live Webinar & DVD $144.00 plus $9.45 S&H

Includes Special Savings of $150.00 (through 01/27/17)


NASBA CPE Sponsor

National Registry of CPE Sponsors

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

Early Registration
Discount Deadline
January 27, 2017
(8 days)

or call 1-800-926-7926

Can't Attend the Live Program?

CPE Credit

Strafford is a NASBA CPE sponsor and our live webinars qualify for CPE credits. They offer you a high quality, cost effective, and convenient CPE option, with no lost travel time or expenses.

or call 1-800-926-7926

EA Credit

Strafford is an IRS approved continuing education provider and this course is approved for 2 enrolled agent (EA) credit hours.

or call 1-800-926-7926

Customer Reviews

I purchased the conference a few minutes after it began and the customer service rep was very helpful and got me signed up and logged into the conference very quickly.

Joanna Johnston

Savas Greene & Company

I loved the tools and handouts. Every CPE class should offer these kind of tools.

Jackie Meyer

Sample and Bailey

The conference was technical, informative and presented at a good pace.

Krystal Ching

KMH

I liked the fact that there was more than one person presenting the material. It's nice to hear multiple perspectives.

Matt Bristow

Cover & Rossiter

I liked the concentration on specific issues and examples.

Edita Rimalovsky

Komisar Brady & Co.

or call 1-800-926-7926

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Strafford webinars are backed by our 100% Unconditional Money-Back Guarantee: if you are not satisfied with any of our products, simply let us know and get a full refund. For more information regarding complaints and refunds, please contact us at 1-800-926-7926 ext 10. Complaints regarding this program can be submitted via the course evaluation found in the “Thank you” e-mail at the end of the course.