- NY Credits : 7.0
- TX Credits : 7.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 7.0
- IRS Non-Credentialed Return Preparer Credits : Federal Tax - 7.0
This course discusses Form 5471, Information Return of U.S. Persons with Respect to Certain Foreign Corporations, including an analysis of the various filing categories associated with the form and the filing requirements associated with those categories. In addition, the course discusses the primary concepts of the Global Intangible Low-Tax Income (GILTI) calculation. The course will also cover the information reported in Schedule C (Income Statement) and Schedule F (Balance Sheet) of Form 5471 as well as an overview of the relevant U.S. tax issues, such as earnings and profits and Subpart F rules. The course will look at the Form 5471 reporting associated with the income and expense items (e.g., GILTI, earnings and profits, and Subpart F). Lastly, the course will look at other information and reporting items that are included in Form 5471, including transactions affecting the ownership of the foreign corporation and related-party transactions. This advanced level course focuses on the development and expansion of in-depth knowledge, skill and application of global intangible low-taxed income.
Included with subscription(s):
Upon successful completion of this course, the user should be able to:
recognize the statutory authority and main concepts of Global Intangible Low-Taxed Income (GILTI);
identify the various filing categories associated with the Form 5471 and the filing requirements associated with those categories;
recognize the main components of the Global Intangible Low-Taxed Income (GILTI) calculation;
identify the aspects of the foreign corporation that are required to be reported in the Form 5471;
recognize the information that is reported in the income statement and balance sheet schedules of Form 5471;
identify the Form 5471 reporting associated with income and expense items; and
recognize the other information reporting items that are included in the Form 5471.