Introduction to U.S. International Taxation (Completed)

Learn about the major overhaul of United States international tax law and policy that took place in 2017 with the passage of the Tax Cuts and Jobs Act, the significant regulatory developments since that time, and the still relevant historical underpinnings of international tax law.

This course will provide a basic introduction to the fundamental terms and concepts of United States tax law governing the taxation of United States business and investment activities of foreign taxpayers and the foreign activities of United States citizens and residents. This course will discuss these concepts with respect to individuals and corporations.

Who Should Attend
Professionals in public practice, industry, government, and education who represent foreign clients or domestic clients who engage in international transactions.

Topics Covered

• Overview of the two main taxing systems for international transactions: worldwide vs. territorial
• The major systemic changes resulting from the Tax Cuts and Jobs Act
• Definitions of terms so that you can speak like an insider: FTC, CFC, PFIC, Subpart F, GILTI, BEAT, FDII
• Residency classification for individuals and the substantial presence test and tax-home exception
• Residency classification for business entities
• Source of income rules related to: Interest, dividends, rents, and royalties, Capital gains, Sales of personal property and inventory, and Depreciable and intangible property

Learning Objectives

• Differentiate between a territorial system and a worldwide system and how the United States moved more toward a territorial system with the passage of the Tax Cuts and Jobs Act
• Describe basic terms such as: FTC, CFC, PFIC, Subpart F, GILTI, BEAT, FDII
• Recognize how to classify source of income for various types of income including interest, dividends, capital gains, and sales of various types of property
• Identify how to determine the residency of a taxpayer based upon place of organization or incorporation, ownership, entity status, and other relevant factors

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None