Are you confident in your IRS Form 5471 filing skills? Avoid costly audits and penalties with an in-depth discussion from international tax veterans.
United States persons who own interests in foreign entities must comply with a variety of U.S. reporting requirements. One of the most common, and also most complex, is the Form 5471 requirement.
Most tax practitioners know that U.S. shareholders of controlled foreign corporations must file a Form 5471. But the reporting requirement applies to a variety of situations involving foreign corporations and, in some cases, can apply to U.S. persons who are not direct shareholders of a foreign corporation.
Completing the Form 5471 can be a daunting task. Shareholders frequently must report detailed information regarding the corporation’s assets and income. And significant penalties may apply to taxpayers who fail to comply with the Form 5471 reporting requirement.
Learning Objectives:
- You will be able to identify when a Form 5471 must be filed.
- You will be able to discuss the impact of tax reform on Form 5471 filing requirements.
- You will be able to recognize the penalties that may apply for failure to file a Form 5471.
- You will be able to review options for remedying noncompliance while mitigation penalty exposure.
Who Must File?
• Category 2 Filers - U.S. Officers or Directors of Certain Foreign Corporations
• Category 3 Filers – Transactional Filing Requirement for U.S. Persons
◦ Other Considerations:
• Category 4 Filers - U.S. Persons Who Control a Foreign Corporation
◦ Attribution Rules
• Category 5 Filers – U.S. Shareholders of CFCs
◦ CFC Defined
◦ U.S. Shareholders of a CFC Defined
◦ Other Considerations for U.S. Shareholders
Completing Form 5471
• Content for Category 2 – 5 Filers
• Common Mistakes and Red Flags
Penalties for Failure to File
• Monetary Penalty
• Loss of Foreign Tax Credits
• Extension of Statue of Limitations
Resolving Noncompliance
• Delinquent Information Return Procedure
◦ Requirements
◦ Penalties
• Offshore Voluntary Disclosure Program
◦ Requirements
◦ Penalties
◦ Streamlined Procedure
• What Constitutes "Reasonable Cause" and Non-Willful Conduct?
Credit Information (Sponsored by Lorman Education Services):
- CPE
- NASBA
- Enrolled Agents
For Detailed Credit Information page
click here
Only registered attendee will receive continuing education credit.
Faculty
Daniel (Danny) J. Bell, McDermott Will & Emery LLP
- Associate at McDermott Will & Emery LLP
- Focuses his practice on domestic and international estate, gift and income tax planning; his practice is predominantly international
- Has assisted clients with cutting-edge estate, income and gift tax mitigation strategies, including domestic and offshore tax compliance, tax controversy and litigation, pre-immigration planning, expatriation and business succession planning, estate and trust administration, as well as family multigenerational wealth preservation strategies
- Has also advised high-net-worth individuals with sophisticated tax and wealth transfer planning and implementation
- LL.M. degree, with distinction, Georgetown University Law Center; J.D. degree, cum laude, College of William and Mary School of Law; B.S. degree, summa cum laude, Elon University
Kevin Hall, McDermott Will & Emery LLP
- Associate with McDermott Will & Emery LLP
- Focuses his practice on domestic and international tax matters for multinational companies and high-net-worth individuals
- Has experience planning and implementing a variety of transactions, including domestic and cross-border mergers, acquisitions, spin-offs, and joint ventures; he has provided tax advice in connection with capital markets transactions and cross-border lending transactions and has also advised fund sponsors and fund investors
- Provides sophisticated tax planning for non-U.S. companies and individuals doing business in the United States and for U.S. companies and individuals doing business outside of the United States
- LL.M degree, New York University; J.D. degree, summa cum laude, University of Florida; B.S. degree, Wake Forest University
(Not available outside the US)