Form 5471 Categories of Filers: Determining the Proper Category and Filing Requirements
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This course will explain each category of filer on Form 5471, Information Return of U.S. Persons With Respect to Certain Foreign Corporations. Our knowledgeable international panel will discuss relative and recent legislation, the accompanying Form 5471 schedules that must be filed by category, and the exceptions to the Form 5471 filing requirements and requirements to file specific schedules.
Outline
- Legislative history
- Form 5471 categories
- Definitions
- Categories 1-5
- Exceptions
- Incomplete or missed filings
- Consequences
- Solutions
Benefits
The panel will review these and other critical issues:
- Identifying category 1-5 filers and the complex attribution rules applicable to each category
- Transactions triggering Category 2 and 3 filing status
- Which specific Form 5471 schedules are needed based on a filer's category
- What Form 5471 exceptions are available, and what are the qualifications for these exceptions?
- What are the potential consequences of incorrect Form 5471 filings?
Faculty
Franchelly (Chelly) Diaz Colon, CPA, MSL
Senior Manager
WilkinGuttenplan CPAs & Advisors
Ms. Diaz Colon specializes in international tax matters including CFC/PFIC rules, cross-border mergers and... | Read More
Ms. Diaz Colon specializes in international tax matters including CFC/PFIC rules, cross-border mergers and acquisitions, withholding tax rules, application of tax treaties, and FIRPTA rules. She has experience working with a variety of clients, including partnerships, corporations, individuals, and asset managers.
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Kristin L. Schmid, JD, LLM
Shareholder
Kulzer & DiPadova
Ms. Schmid is a shareholder in the firm. She earned her J.D. from Villanova University School of Law specializing... | Read More
Ms. Schmid is a shareholder in the firm. She earned her J.D. from Villanova University School of Law specializing in Corporate Law, and has earned her bachelor’s degree at the University of Pennsylvania where she majored in Political Science and Economics. Ms. Schmid earned her Masters of Law (LL.M.) in Taxation from New York University School of Law. She is a member of the Bar of the Commonwealth of Pennsylvania and the State of New Jersey. Ms. Schmid currently serves as one of the Taxation Law Section’s delegates to the New Jersey State Bar Association General Council. Prior to joining the firm, Ms. Schmid was a Senior Tax Associate at PricewaterhouseCoopers LLP where she specialized in mergers and acquisitions and international tax. While at PwC, Ms. Schmid handled the federal tax implications of complex merger and acquisition transactions involving Fortune 500 corporations. Her experience includes spin-offs, carve outs, liquidations, taxable transactions, and non-recognition transactions. Ms. Schmid’s practice areas include corporate tax, business transactions, real estate, and international tax.
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