Mastering Subpart F Tax Compliance: Key Reporting Requirements on Forms 5471 and 1118
Recording of a 90-minute premium CLE/CPE video webinar with Q&A
This CLE/CPE course will provide tax professionals with an in-depth discussion of reporting Subpart F income challenges. The panel will discuss the proper methods of determining the Subpart F income earned by U.S. persons who qualify as U.S. shareholders of controlled foreign corporations (CFCs) and how to report such Subpart F income. The panel will assist tax pros in navigating Forms 5471 and 1118 and discuss tax planning techniques to minimize tax liability and penalties.
Outline
- Basic components of the Subpart F anti-deferral regime
- Determining Subpart F income
- Reporting Subpart F income on Form 5471
- Claiming the foreign tax credit for Subpart F income on Form 1118
- Best practices for ensuring accurate reporting of Subpart F income
- Analyzing the high-tax election for Subpart F and GILTI vs. foreign tax credits
Benefits
The panel will review these and other key issues:
- What are the tax compliance challenges for U.S. persons?
- What are the challenges in determining and calculating Subpart F income?
- What are the main issues and pitfalls to avoid in preparing Forms 5471 and 1118?
Faculty
Adam Chesman
Senior Director, Cross-Border Mergers and Acquisitions Tax Leader
RSM US
Mr. Chesman has broad experience in federal, state, and international taxation, including consulting, compliance, and... | Read More
Mr. Chesman has broad experience in federal, state, and international taxation, including consulting, compliance, and audit, with particular emphasis on structuring domestic and cross-border mergers and acquisitions, spin-off transactions, post-merger integrations, debt restructurings, bankruptcy workouts, and application of the consolidated return regulations.
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Ayelet Duskis
Director
Eisner Advisory Group
Ms. Duskis is a Tax Senior Manager and member of the Financial Services Group, with more than 10 years of experience in... | Read More
Ms. Duskis is a Tax Senior Manager and member of the Financial Services Group, with more than 10 years of experience in tax compliance and advisory services. She works with both start-ups and well-established clients with U.S. and foreign operations, and provides service to a broad range of asset managers, their funds and their portfolio companies.
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Bradley Mainguy, JD, LLM
Associate Director
Berkowitz Pollack Brant
Mr. Mainguy has more than eight years of public accounting experience providing international tax services to clients... | Read More
Mr. Mainguy has more than eight years of public accounting experience providing international tax services to clients in a wide range of industries, as well as individuals and publicly traded companies. He has extensive experience working with multinational corporate clients on consulting and compliance projects, including global business model optimization and restructuring projects from the design and feasibility stage through implementation. He also has expertise in U.S. tax issues relating to both inbound and outbound investments, as well as navigating the increasingly complex network of reporting, disclosure, and withholding requirements arising from doing business in a global economy.
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