BarbriSFCourseDetails
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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Tax Preparer

Date & Time
  • event Date

    Tuesday, February 14, 2023

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    110 minutes

Credit Information

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

  • BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

$197.00
CPE
ALL

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.

Faculty

Darko Naumoski
Principal
WilkinGuttenplan CPAs & Advisors, PC

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 Diaz Colon
Senior Manager
WilkinGuttenplan CPAs & Advisors, PC

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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Description

Form 5471, Information Return of U.S. Persons With Respect To Certain Foreign Corporations, is one of the most comprehensive and complex forms required of foreign tax professionals. Schedules Q and R have been added to its numerous schedules to accommodate recent legislative changes. Schedule Q was added to facilitate the computation of the foreign tax credit considering the high-tax exception, high-tax kickout, Section 962 elections, and Section 960 deemed taxes paid.

Schedule R was added to report distributions from foreign corporations required under Sections 245A, 959, and 986(c). Columns (a) through (d) report the nature and amount of these distributions. All distributions made during a tax year should be reported on this schedule.

Specific line items on Schedules Q and R should agree with amounts reported elsewhere on Form 5471; tax software often cannot ensure these schedules are appropriately completed. International tax practitioners need to grasp the nuances of these new schedules and ensure they are correctly prepared.

Listen as our panel of international tax reporting experts provides advice and the background necessary to prepare Form 5471 Schedules Q and R correctly.

Outline

  1. Form 5471 and Controlled Foreign Corporations
  2. Schedule Q, CFC Income by CFC Income Groups
    1. Background
    2. Line-by-line review
  3. Schedule R, Distributions From a Foreign Corporation
    1. Background
    2. Line-by-line review
  4. 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

NASBA Details

 

Learning Objectives

After completing this course, you will be able to:

  • Identify Section 245A dividends received from CFCs
  • Determine how to report distributions in the functional currency as required by Schedule R
  • Decide which amounts on Schedule Q should equal amounts reported elsewhere on Form 5471
  • Ascertain which category of filers are required to complete Schedule Q

  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite:

    Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of international taxation including residency determination, foreign entity classifications, application of treaty benefits, as well as GILTI, Subpart F, and the related Section 250 deductions.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).