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Video instructions and help with filling out and completing form 5471 schedule i-1

Instructions and Help about form 5471 schedule i-1

Hi I'm Anthony parent of IRS medic parent & parent LLP and today I have Robert Hanssen our lead international attorney joining us to go over some of the subpart F changes that occurred in our lovely tax reform right and remember this this was a went in June when I think they rolled out the postcard the the tax reform on the postcard and right that was one of the I was laughing at the point I said there's just no way I can believe in lower rates right but what I can't believe is a simpler tax code cuz that's just sort of impossible and as we saw it play out it didn't get more simple and let's just go what is subpart F let's just give a little refresher for those of us who might not sure so subpart F is the part of the tax code that creates a kind of deemed income for people who majority owned or have majority u.s. person owned foreign companies foreign corporations in specific and so you might not be receiving a dividend from your foreign company but depending on what type of activity that the company is in you might be said to have received income so you might get an extra bit of income and extra tax that you're not really expecting okay so what so Part F is doing it's saying that hey I didn't take any I didn't get any money from this business but the business made money and they're like well you should have taken it I guess right I think it's I think it's envisioned to be some type of anti-abuse rule because the kind of activities that that we're creating subpart F for are the kind of activities where people might do some shenanigans possibly right so we're gonna hit everyone with a subpart F income so even if your company isn't doing shenanigans or let's just say no you didn't realize that you're worldwide income was was taxable because it's maybe something that you left and let's just say India or the or the UK or whatever it is and it's oh no it's all just UK source income I pay taxes on the UK and isn't there a treaty that takes care of something like that double taxation treaty and so the treaties usually don't help out really not really no one that statements calls for individuals not not much help at all for companies who can really take advantage of the multi-jurisdictional a bill parts of the treaty yeah they can they can get much more benefit but individuals is much harder yeah and just to give you a recap of how it works is when you're when you're an individual you are a US person and you can go become you know a Danish citizen to or whatever it is but also in your u.s. person so you can't shift your jurisdiction out of the US but

FAQ

How do I schedule a US visa interview of two people together after filling out a DS160 form?
Here is a link that might help answer your question DS-160: Frequently Asked QuestionsFor more information on this and similar matters, please call me direct: 650.424.1902Email: heller@hellerimmigration.comHeller Immigration Law Group | Silicon Valley Immigration Attorneys
The IRS sent me a form 1065, but I am a sole proprietor. Do I ignore this form and fill out a schedule C?
I would assume that you applied for an employer identification number and checked the partnership box by mistake instead of sole proprietor. If this is the case, this requires you to obtain a new EIN.If you properly filled out the application for an EIN, you can ignore the 1065 notice.Your EIN acknowledgement letter from the IRS will state what type of return they expect you to file under the EIN.
How do you know if you need to fill out a 1099 form?
Assuming that you are talking about 1099-MISC.  Note that there are other 1099s.check this post - Form 1099 MISC Rules & RegulationsQuick answer - A Form 1099 MISC must be filed for each person to whom payment is made of:$600 or more for services performed for a trade or business by people not treated as employees,Rent or prizes and awards that are not for service ($600 or more) and royalties ($10 or more),any fishing boat proceeds,gross proceeds of $600, or more paid to an attorney during the year, orWithheld any federal income tax under the backup withholding rules regardless of the amount of the payment, etc.
How do I fill out Address Line 1 on an Online Form?
(street number) (street name) (street suffix)101 Main StreetYou can query the post office on your address, best as you know it, for the “standard” way of presenting your address. USPS.com® - ZIP Code™ Lookup or whatever service is offered in your country. That will tell you the standard way to fill out address lines.
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