Schedules Q & R, Form 5471: Reporting CFC Income by CFC Income Groups and Distributions From a Foreign Corporation
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This webinar will explain preparing the recently added Schedule Q, Certain Foreign Corporation (CFC) Income by CFC Income Groups, and Schedule R, Distributions From a Foreign Corporation, of Form 5471. Our panel of international tax veterans will discuss the legislative background necessitating the addition of these schedules and provide a line-by-line review of Schedules Q and R for international tax practitioners.
Outline
- Form 5471 and Controlled Foreign Corporations
- Schedule Q, CFC Income by CFC Income Groups
- Background
- Line-by-line review
- Schedule R, Distributions From a Foreign Corporation
- Background
- Line-by-line review
- Best practices
Benefits
The panel will review these and other critical issues:
- Which category of filers are required to complete Schedules Q and R?
- Categorizing tested income on Schedule Q
- Reporting property transfers and the related liability on Schedule R
- Applicable tax guidance requiring the addition of schedules Q and R
- Interplay and agreement with other Form 5471 Schedules
Faculty
Darko Naumoski, CPA
Principal
WilkinGuttenplan CPAs & Advisors
Mr. Naumoski, joined the firm in 2017, specializes in international taxation and planning strategies.... | Read More
Mr. Naumoski, joined the firm in 2017, specializes in international taxation and planning strategies. Darko’s tax practice is consumed by international tax matters including U.S. tax aspects of international business such as foreign businesses doing work in the U.S. and U.S. businesses doing work abroad. He assists mid-market multinational clients to create and implement tax structures to minimize worldwide tax which are operationally practical. For foreign-based businesses, Darko and his team are often the first point of contact to steer clients through the different hurdles of doing business in the US giving these clients peace of mind that their businesses are tax compliant in the U.S.
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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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