Foreign Earned Income: Form 2555 Exclusion Reporting and Other Tax Issues for Expat Workers (Completed)

Date: Thursday, January 16, 2020
Instructor: Marc J Strohl
Begin Time:  9:00am Pacific Time
10:00am Mountain Time
11:00am Central Time
12:00pm Eastern Time
CPE Credit:  2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC

Avoid Pitfalls When Working with Expatriate Taxation Issues
Qualifying U.S. citizens and residents working outside the U.S. may exclude a portion of their foreign earned income under Code Sec. 911. In addition, these individuals may elect to exclude a housing cost amount from taxable income. However, tax advisors should carefully evaluate potential tax benefits derived from electing the foreign earned income and housing cost exclusions. Advisors must consider the initial election and analyze the realistic outcomes or possibilities of utilizing excess foreign tax credits.

Working abroad triggers other income tax-related issues, including travel and moving expenses, itemized deductions and tax treaty requirements. Applying U.S. and foreign Social Security rules is particularly complex, especially with respect to totalization agreements.

Join experienced practitioner Marc J. Strohl, CPA, as he explores the difficulties arising from tax preparation for Americans working abroad that often challenge even experienced tax professionals.

Who Should Attend
Tax and accounting professionals who work with expatriates and their employers on income taxation issues and return preparation.

Topics Covered

  • The foreign earned income exclusion
  • Complying with requirements for housing cost exclusions
  • Planning with foreign tax credits
  • Making sense of complex tax treaties
  • Comprehending Social Security totalization agreements

Learning Objectives

  • Describe income tax reporting and planning issues relating to Americans working abroad, from both the employee's and employer's perspectives
  • Identify how to guide clients in complying with requirements for housing cost exclusions
  • Recognize how to perform tax planning with foreign tax credits
  • Describe how to handle Social Security totalization agreements

Level
Intermediate

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
Basic understanding of federal income taxation concepts

Advance Preparation
None

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