Investments in Corporations Outside the U.S: CFCs & Form 5471

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Description

Investments in Corporations Outside the U.S: CFCs & Form 5471
IRS Program #: X9QQU-T-01085-23-O
CTEC #: 6257-CE-0251
CE: 2 IRS & 2 CTEC credits
Speaker: Rita Ryan, J.D, LLM

U.S. individuals with foreign assets have additional reporting obligations with the IRS. One of the most common reporting scenarios for U.S. individuals occurs when they are shareholders or officers in a foreign corporation. Form 5471 is the applicable reporting form for these types of cases. Not only this form is quite extensive, but it also carries complex terminology. This presentation will provide an in-depth analysis of form 5471 and its schedules, to prevent the imposition of a $10,000 USD penalty.

Learning Objectives:

Determine applicability of form 5471 to real-world case scenarios.
Identify and determined applicable categories as provided by form 5471.
Identify applicable schedules of form 5471.

Contributors

Rita Ryan, J.D, LLM

Rita leads Wolf’s International Tax Services Practice, where she focuses on tax planning and compliance for international holdings. Rita has extensive experience advising clients on the tax aspects of cross-border business activities, structuring international investments, and the United States compliance obligations relating to these activities and investments for both entities and individuals. Rita also works with other tax professionals as a trusted advisor to identify necessary reporting, advise on filings, or review work papers and prepared forms to ensure accuracy in this evolving international compliance landscape.

Prior to joining Wolf, Rita was in private practice as an Associate Attorney at the law firm of Vacovec, Mayotte & Singer, LLP where she focused in the areas of international and domestic taxation, estate planning, and tax controversy.

Rita is an Adjunct Professor at the Graduate Tax Program at Boston University School of Law where she co-founded and co-teaches “Foreign Information Reporting and Withholding.” She also teaches various other international tax topics for Strafford Publications, Tax Practice Pros, and Wolters Kluwer.

Involvement
- International Fiscal Association (IFA)
- Women of IFA Network (WIN)
- Massachusetts Bar Association
- Allinial Global, Inc.
Education
- Bachelor of Arts in History from Marist College
- Juris Doctor in Law from the Western New England University School of Law
- Master of Laws in Taxation from the Boston University School of Law
- Massachusetts Bar Association Leadership Academy Fellow