IRS Form 1099, 1099-NEC, and Form 1099-MISC: Advanced Issues and Updates

International Tax Forms and Reporting Requirements (OnDemand Webinar)

$219.00

SKU: 409232EAU

Description

Stay uptodate on international information filings to be in the best position to understand their obligations.Since 2017, the international tax landscape has become significantly more complex and the compliance and reporting requirements for companies and individuals have become equally complex. The U.S. Treasury Department and Internal Revenue Service have continued to rework and rerelease international informational filings on an annual basis. These forms and their updates are designed to address everevolving rules and regulations and taxpayers can find themselves struggling to keep up. With this in mind, it is of the utmost importance for companies and their leaders to stay uptodate on international information filings to be in the best position to understand their obligations. It is our goal to help participants understand what forms and information they need to file for themselves, their employers, andor their clients. This course will focus on both foundational principles that we as tax advisors see misunderstood every day, as well as some of the more complex and nuanced parts of the forms that can be confusing and overwhelming if you aren’t required to do them on a daily basis.

Date: 2024-02-29 Start Time: End Time:

Learning Objectives

Introduction and Overview of U.S. Federal International Informational Forms
• Introduction and Agenda
• General Structure of International Filings

Reporting for Investments in Foreign Entities
• Which Foreign Investments Are Relevant and Which Forms Do You Need to File?
• Foreign Corporations: Forms 5471 and 8621
• Foreign Partnerships: Form 8865
• Foreign Branches and Disregarded Entities: Form 8858

Reporting for Transactions: Forms and Statements
• Payments for Foreign Parties: Forms 5472, the 1042 Series, and Withholding Certificates
• Outbound Contributions: Forms 926 and Associated Statements
• Inbound Liquidations: 332 Statement and 367(B) Notices

Foreign Corporations Doing Business in the U.S.
• Engaged in a U.S. Trade or Business: Form 1120-F
• Protective and Treaty-Based Returns: Form 8833
• Withholding Agent Responsibilities: Forms 8804 and 8805

Other Forms and Considerations
• TCJA: GILTI, BEAT, FDII, and 163(J) (the 8990 Series)
• Connecting the Form 1120 Schedules C and M-3 to International Inclusions

Q and A

Anjali Singh-BDO, Dave Slade – BDO

IRS Form 1099, 1099-NEC, and Form 1099-MISC: Advanced Issues and Updates

International Tax Forms and Reporting Requirements (OnDemand Webinar)

$219.00

SKU: 407593EAU

Description

Gain a better understanding of the new tax changes for United States shareholders of foreign corporations and when different forms in reporting are required.This topic will help you be able to identify the U.S. foreign information filing requirements for a U.S. owner with foreign investments, activities, or owners. You will also be able to identify the informational filing that may be required by a foreign corporation that conducts activities in the U.S. The material will also cover highlevel technical concepts and their interaction with the foreign tax disclosures.

Date: 2020-08-12 Start Time: End Time:

Learning Objectives

Tax Filing Obligations of a U.S. Investor in a Foreign Corporation
• Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund (Form 8621)
• How to Identify Whether the Foreign Corporation Is a PFIC
• The Tax Consequences of Owning a PFIC
• Elections That an Investor Can Make With Respect to a PFIC
• Reporting Requirements of a PFIC
• Information Return of U.S. Persons With Respect to Certain Foreign Corporations (Form 5471)
• How to Identify Whether a Form 5471 Is Required
• Identify Various Categories of Income and How to Report Them on Schedules E, E-1, H, J, P
• Identify Taxable Income to the U.S. Shareholders and Interaction With Other Forms (Form 8992, 1118, etc.)
• Information Return of U.S. Persons With Respect to Foreign Disregarded Entities (FDEs) and Foreign Branches (FBs) (Form 8858)
• How to Identify a Foreign Branch for Reporting Purposes
• The Tax Consequences of Owning a Foreign Branch
• Miscellaneous Reporting Requirements
• Annual Return to Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts (Form 3520)
• Statement of Specified Foreign Financial Assets (Form 8938)
• Report of Foreign Bank and Financial Accounts (FBAR)
• Return of U.S. Persons With Respect to Certain Foreign Partnerships (Form 8865)

Tax Filing Obligations of Foreign Owned U.S. Corporations, or Foreign Corporations That Conduct Activities in the U.S.
• Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business (Form 5472)
• Identify Factors That Require a Domestic or Foreign Corporation With U.S. Activities to File a Form 5472
• Understand the Rationale for Reporting Monetary Activities With Foreign Shareholders, or Related Parties of Foreign Shareholders (i.e., BEAT, Section 267, etc.)
• U.S. Income Tax Return of a Foreign Corporation (Form 1120-F)
• How to Determine Whether There Is Effectively Connected Income Form a Trade or Business in the U.S.
• Tax Consequences of Having ECI, Corporate Level Tax, Branch Profits Tax, Tax on Excess Interest
• Treaty-Based Return Positions

No Credit Available

Stanley A. Barsky, Esq.-EisnerAmper LLP, Grace Jeon – EisnerAmper LLP

IRS Form 1099, 1099-NEC, and Form 1099-MISC: Advanced Issues and Updates

International Tax Forms and Reporting Requirements (OnDemand Webinar)

$219.00

SKU: 406410EAU

Description

Gain a better understanding of the new tax changes for U.S. shareholders of Foreign Corporations and provide you with a practical guide to completing the new Form 5471 and Form 8992.The latest U.S. tax reform legislation (Tax Cuts and Jobs Act of 2017 TCJA) enacted new requirements for U.S. shareholders of foreign corporations. Under the TCJA, a U.S. person who owns at least 10 of the shares of one or more foreign controlled corporation is required to include its Global Intangible LowTaxed Income (GILTI) as current taxable income, regardless of whether any amount is distributed to the shareholder. Moreover, IRS significantly revised Form 5471, information return of U.S. persons with respect to certain foreign corporations. The 2018 version of the Form 5471 has doubled from eight to 16 pages and there have been substantial changes to the schedules. This topic will help you understand the new tax changes for U.S. shareholders of foreign corporations and provide you with a practical guide to completing the new Form 5471 and Form 8992. The material will help you identify taxpayer reporting categories and complete the new complicated schedules. Finally, the information will help you calculate GILTI inclusion which involves a multistep with numerous data inputs and analyze the impact of GILTI on your tax obligations.

Date: 2019-10-07 Start Time: End Time:

Learning Objectives

Form 5471: Information Return of U.S. Persons With Respect to Certain Foreign Corporations
• Understanding the Five Categories and Reporting Requirements
• Preparation of Form 5471 and Related Schedules
• Completing Separate Schedules H, I-1, J, M, O, P
• Common Mistakes and Errors
• 5471 Completion Checklist

Global Intangible Low-Taxed Income (GILTI) and Form 8992
• Introduction to GILTI
• U.S. Shareholder, CFC, Net CFC Tested Income, Net Deemed Tangible Income Return
• GILTI Computation
• Completing Form 8992

Form 8938: Statement of Specified Foreign Assets
• Who Is Required to File and What Is Required to Be Reported
• Preparation of Form 8938, Reporting for Taxpayers With Foreign Assets
• Relationship Among Forms 8938 and 5471

Enrolled Agents ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.

Hussein Tarraf, CPA, CFE, CICA-Tarraf & Associates PC