The IRSMedic 2020 Form 5471 Guide Part 3: Top preparation and filing questions answered

The IRSMedic 2020 Form 5471 Guide Part 3: Top preparation and filing questions answered

Our entire 2020 Form 5471 guide is here: https://ift.tt/2RN1tun In this video, tax attorneys Robert Hanson and Anthony Parent of Parent & Parent LLP answer the most common question that taxpayers, CPAs, Enrolled Agents, tax preparers, attorneys, controllers - heck - even IRS employees have about IRS Form 5471! Including: When is IRS Form 5471 due? • Do I report controlled foreign corporation bank account information on Form 8938, since it's already on Form 5471? What about an FBAR form? FinCEN form 114? • Where on Form 5471 do you track foreign taxes and credits paid? • Can foreign corporation tax be used as a tax credit on Form 5471? • How does one value a company based on Form 5471? • Is a Form 5471 balance sheet required to be in U.S. dollars? • What schedule does Subpart F income go into on Form 5471? They have traditionally been on Schedule I, did tax reform change it? • How does one amend a Form 5471? If you need help with your own Form 5471 or those of your clients, feel free to reach out to us - info@irsmedic.com 888 477-4258 Parent & Parent LLP 144 South Main Street Wallingford, CT 06492 (203) 269 -6699 https://youtu.be/Jo9u2iI76J0 IRS Medic