Form 5471 Schedule J, Accumulated Earnings of Controlled Foreign Corporations: Line-by-Line
Deep Dive Into Categories, Classifications, and Sections of Complex Schedule J
A live 110-minute CPE webinar with interactive Q&A
This course will provide tax advisers with a practical, in-depth guide to completing Form 5471's Schedule J, Accumulated Earnings & Profits (E&P) of Controlled Foreign Corporations. The panel will take a line-by-line approach to the form, discussing each of the income items listed in the various sub-sections of IRC 959, and detail how to identify the Nonpreviously Taxed E&P Subject to Recapture as Subpart F Income required in Part II. This is an advanced level webinar for attendees well versed in preparation of Form 5471.
Outline
- Form 5471 Schedule J: introduction
- Categories of filers
- Part I - Accumulated E&P of CFCs
- Part II - Nonpreviously taxed E&P subject to recapture as Subpart F income
Benefits
The panel will discuss these and other specific changes to Schedule J:
- Lines and columns required to report accumulated E&P balances concerning categories of previously taxed E&P necessitated by income inclusions under Section 965(a) and GILTI
- How this schedule incorporates Subpart F inclusions and recaptures
- How to handle deficit calculations after nonrecognition transactions
- Reclassification lines
- Changes made to Schedule J for the current year
Faculty
Anthony V. Diosdi
Partner
Diosdi & Liu
Mr. Diosdi is an experienced trial lawyer who regularly defends individuals and corporations in matters involving tax... | Read More
Mr. Diosdi is an experienced trial lawyer who regularly defends individuals and corporations in matters involving tax controversies and government regulatory enforcement. He also has vast experience assisting clients who find themselves with unreported or undeclared bank accounts outside the U.S. Mr. Diosdi is acknowledged as one of the nation’s leading experts in contesting penalties associated with failing to file FBARs. In addition to representing clients in tax controversy matters, he advises clients on U.S. international tax matters, including tax planning with respect to their structures and transactions. In particular, Mr. Diosdi has experience advising on issues relating to tax treaties, pre-immigration planning for foreigners moving to the U.S., expatriation planning, tax planning for foreign companies doing business in the U.S., and subpart F income minimization. More recently, he has focused on helping clients navigate U.S. tax reform, including the regimes for Global Intangible Low-Taxed Income and Foreign-Derived Intangible Income, and the new limitations on foreign tax credits.
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Alex McGowin, CPA
International Tax Accountant
McGowin Tax
Mr. McGowin is a trusted advisor to multinational individuals and businesses seeking to optimize their global tax... | Read More
Mr. McGowin is a trusted advisor to multinational individuals and businesses seeking to optimize their global tax position and stay in compliance.
CloseCPE credit processing is available for an additional fee of $39.
CPE processing must be ordered prior to the event.
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NASBA details.
