MYCPE ONE

Form 5471: Everything you need to know about US Taxes on Foreign Corporations 6.5 Credits 6.5 Credits

Aug 21, 2025, 10:00 AM EDT

Form 5471: Everything you need to know about US Taxes on Foreign Corporations 6.5 Credits 6.5 Credits

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Aug 21, 2025, 10:00 AM EDT

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Important Note: This course was developed prior to the enactment of the One Big Beautiful Bill (OBBB), and content may not reflect the latest tax reforms. We are actively updating our courses to reflect the new legislation.

If you want to attend courses related to OBBB, please click here.

Important Note: This course was developed prior to the enactment of the One Big Beautiful Bill (OBBB), and content may not reflect the latest tax reforms. We are actively updating our courses to reflect the new legislation.

If you want to attend courses related to OBBB, please click here.
AI Review Summary

Generated by AI based on all course reviews

Learning Objectives

  • Acquire a deep understanding of the filing requirements for Form 5471, including identifying who must file, the various categories of filers, and the specific circumstances triggering a filing obligation.
  • Learn how to accurately complete and submit Form 5471, including detailed instructions on filling out schedules and attachments relevant to foreign corporations.
  • Gain insight into the tax implications of the Global Intangible Low-Taxed Income (GILTI) regime for U.S. shareholders of controlled foreign corporations (CFCs).
  • Identify common errors and pitfalls in the Form 5471 filing process and learn strategies to avoid penalties and ensure compliance with U.S. tax regulations.
  • Develop strategies for leveraging the information reported on Form 5471 to optimize tax positions, including planning and compliance tips for U.S. taxpayers with international interests.

Course Overview

For U.S. citizens involved with foreign corporations, navigating the intricacies of Form 5471, known as the "Information Return of U.S. Persons concerning Certain Foreign Corporations," is crucial for international tax compliance. This form holds a key role in outlining filing responsibilities, making it imperative for taxpayers to comprehend its nuances.

Designed to demystify the complexities, this course focuses on Form 5471, recognizing it as a critical IRS requirement for U.S. taxpayers with interests in specific foreign corporations. Breaking down intricate reporting requirements and categories of filers, the course equips participants with the knowledge needed to accurately report foreign operations to the U.S. Internal Revenue Service.

Through practical examples, participants gain hands-on experience in navigating the form's schedules and attachments, emphasizing compliance with U.S. tax laws. The curriculum extends its coverage to the Global Intangible Low-Taxed Income (GILTI) regime, shedding light on its implications for U.S. shareholders of controlled foreign corporations (CFCs).

Major Topics Covered: 

  • Understanding of the filing requirements for Form 5471 
  • How to accurately complete and submit Form 5471 
  • The tax implications of the Global Intangible Low-Taxed Income (GILTI) regime for U.S. shareholders of controlled foreign corporations (CFCs) 
  • Common errors and pitfalls in the Form 5471 filing process and strategies to avoid penalties and ensure compliance with U.S. tax regulations 
  • Strategies for leveraging the information reported on Form 5471 to optimize tax positions 

Join this CE Tax Course it will explain form 5471, empowering attendees to confidently manage reporting obligations and strategically optimize their tax positions.

On Demand Credits for All Qualifications

Live Webinar Credits for All Qualifications

License details Credits Status
Taxes for Certified Public Accountants (CPA-US) 6.5 CPE Approved
Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-02000-24-S) 6 CE Approved
Federal tax-related matters for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-T-02000-24-S) 6 CE Approved
Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-01592) 6 CE Approved
Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-02000-24-S) 6 CE Approved
Taxes for Delaware Licensed Public Accountant (DE-LPA) 6.5 CPE Approved
Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-02000-24-S) 6 CE Approved
Federal tax-related matters for LTC (Approval No. GEHNZ-T-02000-24-S) 6 CE Approved
Taxes for Iowa Licensed Public Accountant (IA-LPA) 6.5 CPE Approved
Taxes for Maine Licensed Public Accountant (ME-LPA) 6.5 CPE Approved
License details Credits Status
Taxes for Certified Public Accountants (CPA-US) 6.5 CPE Approved
Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-02000-24-O) 6 CE Approved
Federal tax-related matters for Annual Filing Season Program (AFSP) (Approval No. GEHNZ-T-02000-24-O) 6 CE Approved
Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-01592) 6 CE Approved
Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-02000-24-O) 6 CE Approved
Taxes for Delaware Licensed Public Accountant (DE-LPA) 6.5 CPE Approved
Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-02000-24-O) 6 CE Approved
Federal tax-related matters for LTC (Approval No. GEHNZ-T-02000-24-O) 6 CE Approved
Taxes for Iowa Licensed Public Accountant (IA-LPA) 6.5 CPE Approved
Taxes for Maine Licensed Public Accountant (ME-LPA) 6.5 CPE Approved

Additional Information

Credits

6.5

Credits

6.5

Course Level

Basic

Instructional Method

QAS Self Study

Group Internet Based

Pre-requisites

None

Advance Preparation

None

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC 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.

IRS APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering aintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

CTEC APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC, in accordance with the standards set forth in Circular 230 section 10.6, grants Continuing Education (CE) credits based on a 50-minute hour. MY-CPE LLC is approved by the California Tax Education Council (CTEC) (Provider Number – 6273) to offer continuing education courses that count towards the annual continuing education requirement for CTEC Registered Tax Preparers. Additional information regarding registration as a tax preparer can be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free at (877) 850-2832, or by visiting www.ctec.org.

Looking to fulfill your Enrolled Agent (EA) Continuing Education (CE) requirements? MY-CPE online Enrolled Agent CE courses are the best for you. Earn EA CE credits while enhancing your domain knowledge and expertise in diverse tax regulations and practices. Our courses are designed to provide you with the latest updates and deep insights to keep you ahead in your field. With flexible scheduling and a user-friendly platform, MY-CPE offers you a greater convenient and interactive learning experience. Join MY-CPE today and take the next step in advancing your career as an Enrolled Agent. 

About Instructor

Crystal Stranger

Crystal Stranger | EA

Chief Executive Officer (CEO), Optic Tax, Inc

  • 4.5
  • rating
  • rating
  • rating
  • rating
  • rating

Crystal Stranger holds a Juris Doctor of Law degree, is an Enrolled Agent (EA), EOS Integrator, and professionally Senior Tax Director and CEO of OpticTax.com. Bringing over 20 years of finance, accounting, and leadership experience she enjoys helping startups stay focused on the big picture objective while maintaining an eye to the details and performing realistic risk assessments.

On Demand FAQs

What is Self Study (QAS)?

Self Study QAS (Quality Assurance Service) is a NASBA and other regulatory bodies approved program designed for Professionals to complete their Continuing Professional Education credits through self-paced, interactive courses that meet the highest standards of quality and compliance. Our courses qualify for credits with NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other professional organizations.

How do I earn CPE credits through self-study?

To earn CPE credits, you must complete the self-study course, pass the required assessments, and submit the necessary documentation. Credits are awarded based on the completion of course hours and successfully passing the assessments.

Are the self-study courses accepted by NASBA and other professional organizations?

MY-CPE LLC courses are accepted for continuing education credit by various professional certification programs, including NASBA, IRS, CFP Board, and HRCI. MY-CPE LLC is also recognized by SHRM to offer Professional Development Credits (PDCs) for SHRM-CP® and SHRM-SCP® recertification activities.

What are the requirements to maintain compliance with self-study courses?

To maintain compliance, you must follow the guidelines set by NASBA and other regulatory bodies, which include completing the course within the specified timeframe, passing the assessments, and keeping accurate records of your learning activities.

How can I access my course completion certificates?

After successfully completing a self-study course and passing the assessments, you can access and download your course completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other professional organizations for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Live Webinar FAQs

What is a Live Webinar Group Internet-Based Credit?

A Live Webinar Group Internet-Based Credit is an interactive, real-time online seminar where professionals can earn Continuing Education credits by participating in live sessions led by experts in various fields. Our courses qualify for credits with NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other professional organizations.

How do I earn credits through live webinars?

To earn credits, you must attend the entire live webinar, actively participate in any polls or questions, and complete any required evaluations or assessments. Credits are awarded based on your attendance and participation in the live session.

Are the live webinars accepted by NASBA and other Professional Organizations?

MY-CPE LLC courses are accepted for continuing education credit by various professional certification programs, including NASBA, IRS, CFP Board, and HRCI. MY-CPE LLC is also recognized by SHRM to offer Professional Development Credits (PDCs) for SHRM-CP® and SHRM-SCP® recertification activities.

What are the requirements to maintain compliance with live webinar courses?

To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.

How can I access my webinar completion certificates?

After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are accepted for compliance and reporting purposes with NASBA, IRS, CFP Board, HRCI, SHRM (for PDCs), Payroll Org, FP Canada, and 25+ other professional organizations.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Reviews and Ratings

out of 5

Excellent (57%)

Very Good (34%)

Average (8%)

Poor (1%)

Terrible

YJ

Yehuda Javasky, EA

5

Crystal is clearly very knowledgable on this topic of foreign reportings. The course was very thorough going through every single line item on each of the schedules. I think the course should have been a bit longer as some of the points were rushed and there were certain items that could have been explained in a little more depth, with more examples, slower, etc. The current allotted time was still very long and hard to sit through (6 hours with two 10 minute breaks) so adding more time but splitting into two sessions could help with increasing the depth but maintaining focus.

TW

Tia Williams, EA

5

First time use My-CPE for my continuing education and it was great. Topic was complex for me, but at least gave me good information about what all is involved in filing the form 5471.

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Form 5471

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