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Self-Study CPE
2023-2024 FEDERAL TAX UPDATES FOR INDIVIDUALS: IRS PROCEDURE & LEGISLATION
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ROADMAP TO 1099 REPORTING
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TAX GAP REDUCTION WITH PROPER 1099 REPORTING
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MASTERING IRS REPRESENTATION: TAX SEASON MISTAKES THAT CREATE IRS ENFORCEMENT
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1099 MISCLASSIFICATION ISSUES FOR INDEPENDENT CONTRACTORS AND GIG WORKERS
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ESOP OVERVIEW FOR OWNERS, CFOs & CPAs
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UNDERSTANDING PARTNERSHIP TAXATION: DISTRIBUTIONS
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2024 FILING SEASON CHANGES FOR 1099 REPORTING
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THE CHOICE BETWEEN IRS FORM 1040 SCHEDULES C AND E
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IRS PRESENTING: TAX RELIEF IN DISASTER AREAS FROM AN INDIVIDUAL TAX PERSPECTIVE
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1099 PLANNING FOR THE 2024 FILING SEASON
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2024 ANNUAL TAX SEASON UPDATE
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FEDERAL INCOME TAX CHANGES: 2024
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NAVIGATING AN IRS TAX AUDIT
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VIRTUAL CURRENCY TRANSACTIONS AND FORM 1040
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AFFORDABLE CARE ACT: EMPLOYER RIGHTS & RESPONSIBILITIES
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EARNED INCOME TAX CREDIT DUE DILIGENCE
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AFFORDABLE CARE ACT: INDIVIDUAL RIGHTS & RESPONSIBILITIES
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HOME OFFICE DEDUCTION
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SCHEDULES K-2 AND K-3: UNDERSTANDING NEW REQUIREMENTS
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IRS PRESENTING: NAVIGATING THE RESTART OF AUTOMATED COLLECTION NOTICES
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IRS PRESENTING: EMPLOYEE RETENTION CREDIT VOLUNTARY DISCLOSURE PROGRAM
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READING AND REVIEWING IRS TRANSCRIPTS LIKE A PRO
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THE SECURE ACTS: 2024 UPDATED CHANGES AND PLANNING STRATEGIES
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RETIREMENT, CHALLENGES, AND OPPORTUNITIES UNDER THE BIDEN TAX PLAN IN 2024
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EDUCATION TAX BENEFITS
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EARNED INCOME TAX CREDIT
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HEALTHCARE REFORM: THE AFFORDABLE CARE ACT TAX PROVISIONS
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INFLATION REDUCTION ACT
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IRS COLLECTIONS & INSTALLMENT ARRANGEMENTS
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BANKRUPTCY TAX GUIDE
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IRS & FTC PRESENTS: SCAMS, TAX-RELATED IDENTITY THEFT & IDENTITY PROTECTION PIN
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TAX TREATMENT OF RETIREMENT PLANS, PENSIONS AND ANNUITIES
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TAX TREATMENT OF SICKNESS AND INJURY PLANS
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THE SECTION §199A PASS-THROUGH DEDUCTION
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TAX TREATMENT OF LIFE INSURANCE PROCEEDS
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REAL ESTATE TAX GUIDE
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TAX RESEARCH TECHNIQUES
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TYPES OF BUSINESS ENTITIES
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TAX TREATMENT OF INDIVIDUAL RETIREMENT ARRANGEMENTS
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NAVIGATING FORM 1040 SCHEDULE C
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SECURE ACT 2.0
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TAX CUTS AND JOBS ACT OF 2017
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MASTERING FORM W-2: AN ESSENTIAL GUIDE FOR TAX PROFESSIONALS
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1099 REPORTING SIMPLIFIED
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S CORPORATION BASIS AND FORM 7203
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EMPLOYMENT POLICIES & PROCEDURES WITH A GLIMPSE OF 1099 REPORTING TO FREELANCERS
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FRINGES: THE KEY TO ATTRACTING GOOD TALENT AND WHAT THE IRS HAS TO SAY ABOUT IT
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A PRIMER ON THE IRS's STREAMLINED FILING COMPLIANCE PROCEDURES
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S CORPORATION BASIS AND FORM 7203: EXTENDED EDITION
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2024-2025 FEDERAL TAX UPDATES FOR INDIVIDUALS: IRS PROCEDURE & LEGISLATION
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2024-2025 FEDERAL TAX UPDATES FOR BUSINESSES: CASES & UPDATES
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2024-2025 FEDERAL TAX UPDATES FOR BUSINESSES: IRS PROCEDURE & LEGISLATION
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2024-2025 FEDERAL TAX UPDATES FOR INDIVIDUALS: CASES & UPDATES
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IRS PRESENTING: INDEPENDENT CONTRACTOR VS. EMPLOYEE
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PARTNERSHIP TAX UPDATES
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CORPORATE TRANSPARENCY ACT (CTA)
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ESSENTIAL RULES FOR 1099 REPORTING TO INDEPENDENT CONTRACTORS
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ROADMAP TO AMENDING TAX RETURNS: THE X FACTOR
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2024 FEDERAL TAX UPDATE FOR INDIVIDUALS
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2024 FEDERAL TAX UPDATE FOR BUSINESS
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Cpece webinars
Handling an International Tax Assessment: Form 5471

HANDLING AN INTERNATIONAL TAX ASSESSMENT: FORM 5471

CPE Processing Fee$30.00
Webinar TranscriptionN/A
Presentation Length Hour(s)1.0 hour
CPE Credits 1.0 hour
Subject Area 1.0 - Taxes (Federal Tax)
CE Credits 1.0 hour
Course Id# - HURS9-T-01213-22-S
Course LevelBasic
Instructional MethodQAS Self-Study
PrerequisitesNone
Advance PreparationNone
Recorded DateOctober 29, 2024
Date OfferedOctober 29, 2024
Expiration DateOctober 29, 2025
Course Description

The Internal Revenue Service has increasingly sought to assess penalties against taxpayers who have previously failed to file required information forms. One of the most commonly required forms - and one of the forms most often the subject of penalty assessment - is Form 5471, required for specified stakeholders in foreign corporations.

This program details Form 5471 requirements and assessable penalties - including automatic extensions of Statute of Limitations periods. We'll cover in detail how to best combat penalty assessment and options for penalty mitigation.

Learning Objectives:


  • Outline Form 5471

  • Recognize automatic extensions of Statute of Limitations periods

  • Determine how to best combat penalty assessment and options for penalty mitigation



FOR RECORDED COURSES WITH VIDEO

Download any course document(s) (below) which may include handouts, glossary, transcripts, etc. Follow any prompts contained in the documents to help you complete the course. Most documents are searchable.

Play the recording, noting the sectional guides indicating where topics on the agenda are covered and the prompts to pause video playback to respond to a review question (located below the video playback area). The timestamps for review questions are also noted below.

Upon completing the video and successfully answering all review questions, you will then take the final exam.

Mccormick handlinganinternationaltaxassessmentform5471 videoimage
Handout Materials
Presentation Slides
Additional Materials
Glossary
Review Questions
Review Questions
QUESTION 1: 0:05:55 minutes
QUESTION 2: 0:16:33 minutes
QUESTION 3: 0:31:04 minutes
Frequently Asked Questions
  • CPAacademy self-study courses are online.
  • The self-study format allows you to a) access the material online 24/7 and b) study at your own pace.
  • Per NASBA guidelines, you have one year from date of purchase to complete each program.
  • Complete your final exam at any time and get graded instantly. You can retake the exam at no additional charge (unlimited attempts).
  • Print your own certificate of completion on the spot upon passing the exam.
  • Grading policies: a) courses have a minimum passing score 70% b) test takers will not be provided feedback on failed exams.
  • Upon achieving a passing score, test takers will be notified of the correct answers to the questions missed.

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Patrick McCormick is an attorney with over a dozen years of experience, focusing his practice specifically on international taxation. Mr. McCormick represents both business and individual clients on all aspects of United States international tax rules, both from an income tax and estate/gift tax perspective. Having previously served as a partner at a large law firm, a midsized accounting firm, and a boutique tax law firm, Patrick’s client exposures have covered every conceivable area of American-side international tax matters. Patrick has also represented every type of taxpayer – from multibillion-dollar business enterprises and ultra-high net worth individuals to startups and individuals with complex questions but limited budgets.

Mr. McCormick has worked with clients located in over 90 countries on American tax considerations of multinational activities, cultivating specialized knowledge in every area of United States international tax rules. His explicit practice focus has facilitated an unparalleled expertise in the field; Patrick is trusted by clients and advisors around the world to obtain optimal results on international tax matters.

Mr. McCormick is a primary and prolific authority on tax matters. He has spoken on all aspects of international tax to hundreds of thousands of attendees around the globe, functioning as the primary international tax resource for national organizations including CPAacademy.org, Strafford, Lawline, and Leimberg Information Services. Patrick has presented for the American Bar Association, the American Immigration Law Association, and state and local bar associations around the United States. He is a regular contributor to America’s premier tax law publications, including Tax Notes, Journal of Taxation, Tax Notes International, Law360, and Practical Tax Lawyer.

Mr. McCormick published his first treatise on international tax matters, Allocation and Apportionment Rules Under Secs. 861-865, for Thomson Reuters’ Catalyst platform, in October 2021. In late 2021, he also released a 15-hour digital course entirely dedicated to nonresident taxation, United States Tax Considerations for Nonresident Taxpayers. Mr. McCormick has been named a Super Lawyers Rising Star from 2016-2022.
 

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CPAacademy.org (Sponsor Id#: 111889) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

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