Foreign Tax Essentials for U.S. Practitioners - Exclusions, Credits & Reporting

Overview

With the propensity of younger clients to give back and the desire of older clients to leave a legacy, the interest in charitable giving is at an all-time high. There are many ways to give, many types of charitable organizations to consider, and many alternatives to obtain tax benefits and meet our clients’ objectives.

Highlights

Prerequisites

Work experience in tax planning or tax compliance, or an introductory course in taxation.

Objectives

• Identify taxpayers subject to U.S. worldwide taxation and determine residency status under IRC §7701(b).
• Recall IRC §911 requirements for the Foreign Earned Income Exclusion and housing exclusion/deduction and recognize Form 2555 reporting considerations.
• Indicate the allowable Foreign Tax Credit under IRC §§901 — 909 and §904, including limitations, baskets, and carryover rules, for Form 1116.
• Recognize common international reporting requirements (FBAR, Form 8938, expatriation) and evaluate when referral is appropriate.

Notice

This is a self-study/on demand course offered by a 3rd party vendor and will NOT be accessible in the My Upcoming CPE section of the ISCPA website. Course access information will be emailed directly to you by CalCPA. The course expires one year from the purchase date. Format = Online Self-Study.