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Forms 5471 and 5472: Meeting the Substantially Complete Standards
November 6 @ 1:00 pm - 3:00 pm EST
Michael Sardar presents on a webinar titled “Forms 5471 and 5472: Meeting the Substantially Complete Standards” for Strafford on November 6, 2023. CPE credit is offered for this event.
This course will discuss best practices for meeting the substantially complete standard for international reporting required for Forms 5471 and 5472 and as applied to other required foreign information returns.
Forms 5471 and 5472 are two of the most complex foreign information reporting forms completed by tax practitioners. Whether by oversight or newly acquired information, these forms are often incomplete or incorrect when submitted. Errors may include the omission of a country or transaction on Form 5472, the category may be omitted on page one, or a taxpayer may use an accounting method other than GAAP used on Form 5471.
Since the criteria for substantial compliance is a facts and circumstances determination, any number of problems could deem a foreign information return not substantially complete and not meeting the information reporting requirements of Sections 6038 or 6038A. The penalties for not meeting these reporting requirements are steep–$10,000 per month to a maximum of $50,000 if not timely resolved.
The penalty abatement process for these filings is challenging. Tax practitioners working with international clients need to understand the threshold for substantial compliance for these cumbersome international reporting forms.
Michael Sardar, Partner, Kostelanetz LLP
John Samtoy, Tax Partner, Holthouse Carlin & Van Trigt LLP
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