IRS Form 5471 - International Tax Compliance Issues

Duration: 60 Minutes
Form 5471 has been called the roadmap to outbound international taxation. The webinar will provide a quick refresher on the relationship between Subpart F income and the controlled foreign corporation and how the income gets reported on the Form and related schedules. You will learn the trick for unraveling the confusing categories of filers and how to determine which parts of the Form must be completed. Common problems and errors connected with filing the Form will be reviewed. The webinar will conclude with hot topics relating to the IRS automatic penalty program for late filers of the Form 5471 and the latest tips on how to get relief from the draconian penalties for late filing and incomplete filing.
International Tax Compliance
Instructor: Paul Wigg-Maxwell
Product ID: 501918
Objectives of the Presentation
  • Spot when a Form 5471 is required to be filed
  • Understand the Categories of Filers and the requirements to be completed by each Category
  • Refresh your understanding of Subpart F and reporting the income of Controlled Foreign Corporations
  • Understand the barriers to assembly of the required information for the Form 5471
  • Know the triggers for penalties for noncompliance
  • Be aware of opportunities for penalty relief
Why Should you Attend
Every accountant or tax return preparer should know enough about Form 5471 to avoid inadvertently triggering the $10,000 automatic penalty for late filing. The compliance burden for U.S. shareholders who have not previously filed is substantial and you need to get a jump on assembling the required information early to have any chance of complying with the filing requirements. This webinar will save you clients and permit you to avoid embarrassing post season meetings with clients hit with the computer generated penalty.

Areas Covered
  • Refresh your understanding of Subpart F Income
  • Learn to sort through the Categories of Filers
  • Get acquainted with the different pools of foreign earnings and profits
  • Avoid common errors and mistakes in completing Form 5471
  • Hear about the latest IRS enforcement efforts
  • Get tips on getting penalty relief
Who will Benefit
  • Junior members of In house tax departments of large U.S. companies
  • Accountants in small to mid level accounting firms looking to expand their practice in to international tax coverage
  • Tax Return Preparers
Topic Background
International tax is one of the hottest areas in IRS enforcement. The IRS is actively pushing international business into higher and higher levels of compliance and disclosure. Companies that have escaped with slack compliance in the past need to learn the new rules of the game or face stiff penalties and expensive appeals procedures. Form 5471 is the roadmap for your compliance and reporting efforts. Proper preparation of the form is essential to the new world of international tax compliance.
$300
Recorded Session for one participant
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Live Session - How it works
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  • Presentation handouts in Downloadable PDF format will be updated on your OCP Account 24 hours prior to the live session
  • Login to the audio conference on the scheduled date and time
  • Get answers to your queries through interactive Q&A sessions via chat at the end of the session
  • Download the Certificate of Attendance and Purchase Invoice from your OCP Account 24 hours after the completion of the session
  • Please let us know your thoughts and views at the end of the webinar, your valuable feedback will help us improve
Recorded Session - How it works
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  • Upon purchase of the recorded session a link will be updated on your OCP Account within 24 hours
  • Please click on the link to access the Recorded Session
  • Presentation handouts in downloadable PDF format will be updated on your OCP Account within 24 hours of the purchase of the product
  • Download the Certificate of Attendance and Purchase Invoice from your OCP Account after 48 hours of the product Purchase
  • Please share your valuable Feedback at the end of the session
Instructor Profile:
Paul D. Wigg-Maxwell is an International Tax Attorney with over thirty years experience advising on international tax matters. He received his JD from Columbia Law School and an LLM in Taxation from NYU Law School. He worked in the Tax Departments of large New York City law firms for eight years before establishing his private practice in New Jersey.
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