Mastering Form 5471 for Interests in Foreign Entities: Determining Ownership Share and Correct Filing Status
Tax Reform Definitions of U.S. Shareholder Create New Filing Obligations
A live 110-minute CPE webinar with interactive Q&A
This webinar will provide tax return preparers with a thorough and practical guide to 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, discuss common challenges and areas of deficiency in Form 5471 completion, and detail the specific changes passed in the recent tax reform bill that may create additional reporting obligations for U.S. taxpayers owning shares of foreign corporations.
- Purpose of Form 5471
- Who is required to file
- Tax reform changes to attribution rules and definition of U.S. shareholder
- Preparation of Form 5471
- Difficult compliance issues
- IRS enforcement and audit environment to date
- Background on Form 5471 penalties
- Penalty structure for Form 5471
- Use of Form 5471 as an IRS audit tool
The panel will review these and other crucial 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 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
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
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