Gain the tools and insights needed to manage global business interests effectively and stay ahead of compliance requirements.
Many U.S. taxpayers with ownership in foreign corporations’ struggle to understand the complex tax regulations and filing requirements mandated by the IRS, particularly regarding IRS Form 5471. This lack of understanding can lead to significant compliance issues, including substantial penalties and ongoing legal complications. Furthermore, the complexities of Controlled Foreign Corporation (CFC) status, Global Intangible Low-Taxed Income (GILTI) tax, and the attribution rules often create confusion, making it difficult for taxpayers to accurately report their foreign investments.
Learning Objectives
- This presentation will equip attendees with the essential knowledge to navigate these complexities confidently. By clearly defining key terms such as CFCs, foreign corporations, and U.S. shareholders, attendees will build a solid foundation of understanding. The webinar will provide a detailed explanation of the criteria for CFC status and the implications of GILTI tax, ensuring that participants can describe these concepts accurately. Attendees will also learn to explain the critical attribution rules and principles of constructive ownership that determine filing obligations. Additionally, the session will help identify the appropriate filing categories and requirements for IRS Form 5471, ensuring compliance with intricate tax regulations. You will be able to define key terms such as Controlled Foreign Corporations (CFCs), foreign corporations, and U.S. shareholders.
- You will be able to describe the criteria for CFC status and the implications of the Global Intangible Low-Taxed Income (GILTI) tax.
- You will be able to explain the attribution rules and principles of constructive ownership that determine filing obligations.
- You will be able to identify the appropriate filing categories and requirements for IRS Form 5471, ensuring compliance with complex tax regulations.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
| Introduction | |
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| Key Definitions and Concepts | |
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| Basics of Controlled Foreign Corporations (CFCs) | |
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| Attribution Rules and Constructive Ownership | |
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| Filing Categories for Form 5471 | |
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| Filing Requirements and Frequency | |
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| Q and A Session | |
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
Live Webinar Registration
- AIPB 2.0
- This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
Enrolled Agents 2.0
- In accordance with the standards set forth in Circular 230 section 10.6, CE credits have been granted based on a 50-minute hour. This program qualifies for 2.0 Continuing Education Credit(s) for enrolled agents.
CPE 2.0 including Taxes 2
- Lorman Education Services 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 web site: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.0 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 2.0 hours. Prerequisite: basic knowledge of taxation. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
OnDemand Course
This course was last revised on February 22, 2021.
Call 1-866-352-9540 for further credit information.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
Who should attend?
This live webinar is designed for accountants, tax managers, tax preparers, CFOs, controllers, enrolled agents, business owners and managers, presidents, vice presidents, CEOs, business and financial analysts, risk managers, operations managers, and consultants.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Alex Oware, CPA, J.D.
O & G Tax and Accounting Services, LLC
- Founder of O&G Tax and Accounting, providing superior financial counsel to individuals and businesses across the globe
- His specialization encompasses diverse areas such as sales/use tax audits, income tax audits, franchise and income tax nexus reviews, and cross-border taxation
- Certified Acceptance Agent working with U.S. resident and non-resident aliens, other foreign taxpayers, and diverse and global clientele
- Extends his expertise to a wide online audience through online consulting at Justanswer.com, where he has answered nearly 12,000 tax-related queries, cementing his role as a trusted and accessible tax advisor
- As an industry thought leader, his insightful perspectives have found their way to the pages of esteemed publications like The Denver Post, WTOP (Washington’s Top News), U.S News & World Report, Yahoo News, Real Simple Online Magazine, The Wall Street Journal, Bloomberg Businessweek, and Ladders News
- Author of several popular articles on complex tax and accounting subjects such as USA – INDIA F-1 & J-1 Tax Treaty, Foreign-Owned U.S. LLCs, and Amazon Foreign Sellers, US Taxation, and 1099-K Reporting
- Studying for a Juris Doctorate from Concord Law School at Purdue University Global
- M.B.A degree in accounting and finance, Colorado Heights University; B.S. degree in accounting and finance, Presbyterian University College of Ghana
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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