Kostelanetz partner Michael Sardar participates in an international tax compliance webinar through continuing educator provider Strafford on January 7, 2025. The recorded session is available for purchase.

The session, titled “Forms 5471 and 5472: Meeting the Substantially Complete Standards,” covers best practices for meeting the substantially complete standard in filling out Forms 5471 and 5472 for clients with any international ownership. These two IRS forms are among the most complex information returns that tax practitioners come across. They are also crucial information returns in international tax compliance.

Because these forms require information that can be subject to change frequently, it is very easy for oversight mistakes to occur. Therefore, Forms 5471 and 5472 are often deemed incomplete by the IRS, which can result in steep penalties. Learning how to correctly and substantially complete Forms 5471 and 5472 is critical for entities with one or more foreign owners or any other offshore ownership that could mandate the filing of these forms.

You can learn more about the webinar and purchase the recording here.

Michael represents clients in all stages of civil and criminal tax controversies before the Internal Revenue Service (IRS), state tax authorities, the Department of Justice, and local prosecutors.  He has also represented scores of clients with unreported foreign assets, enabling the repatriation of over half a billion dollars of offshore assets through the IRS Offshore Voluntary Disclosure Program, the Streamlined Compliance Procedures, and the IRS’ current Voluntary Disclosure Practice.