Gain the tools and insights needed to manage global business interests effectively and stay ahead of compliance requirements.
Many U.S. taxpayers with ownership in foreign corporations’ struggle to understand the complex tax regulations and filing requirements mandated by the IRS, particularly regarding IRS Form 5471. This lack of understanding can lead to significant compliance issues, including substantial penalties and ongoing legal complications. Furthermore, the complexities of Controlled Foreign Corporation (CFC) status, Global Intangible Low-Taxed Income (GILTI) tax, and the attribution rules often create confusion, making it difficult for taxpayers to accurately report their foreign investments.
Learning Objectives
- This presentation will equip attendees with the essential knowledge to navigate these complexities confidently. By clearly defining key terms such as CFCs, foreign corporations, and U.S. shareholders, attendees will build a solid foundation of understanding. The webinar will provide a detailed explanation of the criteria for CFC status and the implications of GILTI tax, ensuring that participants can describe these concepts accurately. Attendees will also learn to explain the critical attribution rules and principles of constructive ownership that determine filing obligations. Additionally, the session will help identify the appropriate filing categories and requirements for IRS Form 5471, ensuring compliance with intricate tax regulations. You will be able to define key terms such as Controlled Foreign Corporations (CFCs), foreign corporations, and U.S. shareholders.
- You will be able to describe the criteria for CFC status and the implications of the Global Intangible Low-Taxed Income (GILTI) tax.
- You will be able to explain the attribution rules and principles of constructive ownership that determine filing obligations.
- You will be able to identify the appropriate filing categories and requirements for IRS Form 5471, ensuring compliance with complex tax regulations.
Agenda
Speakers
Alex Oware, CPA,
O & G Tax and Accounting Services, LLC- Founder of O&G Tax and Accounting, providing superior financial counsel to individuals and businesses across the globe
- His specialization encompasses diverse areas such as sales/use tax audits, income tax audits, franchise and income tax nexus reviews, and cross-border taxation
- Certified Acceptance Agent working with U.S. resident and non-resident aliens, other foreign taxpayers, and diverse and global clientele
- Extends his expertise to a wide online audience through online consulting at Justanswer.com, where he has answered nearly 12,000 tax-related queries, cementing his role as a trusted and accessible tax advisor
- As an industry thought leader, his insightful perspectives have found their way to the pages of esteemed publications like The Denver Post, WTOP (Washington’s Top News), U.S News & World Report, Yahoo News, Real Simple Online Magazine, The Wall Street Journal, Bloomberg Businessweek, and Ladders News
- Author of several popular articles on complex tax and accounting subjects such as USA – INDIA F-1 & J-1 Tax Treaty, Foreign-Owned U.S. LLCs, and Amazon Foreign Sellers, US Taxation, and 1099-K Reporting
- Studying for a Juris Doctorate from Concord Law School at Purdue University Global
- M.B.A degree in accounting and finance, Colorado Heights University; B.S. degree in accounting and finance, Presbyterian University College of Ghana
Who Should Attend
This live webinar is designed for accountants, tax managers, tax preparers, CFOs, controllers, enrolled agents, business owners and managers, presidents, vice presidents, CEOs, business and financial analysts, risk managers, operations managers, and consultants.
