EA Exam Prep Part 1: International (Currently Unavailable)
Author: Eva Rosenberg, Susan Holtgrefe
CPE Credit: |
2 hours for CPAs 2 hours Federal Tax Law for CTEC |
This is the fifteenth class of the EA Exam Prep Part 1 series. In this TaxMama® created course, you’ll learn about international taxation issues. Susan will take you through the rules for international taxpayers. Learn about which forms are required and how to complete them. Find out the difference between the foreign tax credit and foreign earned income exclusion, and more. You’ll come away equipped to provide the best advice to your international clients.
Publication Date: June 2019
Designed For
Tax practitioners of all levels, regardless of experience, who want to learn about income tax preparation and more. Excellent training for staff working in tax offices, accounting practices, and corporate settings, as well as independent bookkeepers. This course provides an in-depth look at international taxation. It is especially helpful to those with no hands-on experience preparing tax returns – and those who are returning to tax preparation after years in corporate or other jobs. This course is also designed to help CPAs earn their Enrolled Agent credential so they can practice anywhere in the country without re-certifying.
Topics Covered
- Foreign tax credit
- Foreign earned income exclusion
- FATCA - Foreign Account Tax Compliance Act
- FBAR - Report of Foreign Bank and Financial Accounts
- Residency status / citizenship
- Exclusions and adjustments to income
- Form 1040-NR
- U. S. citizens with foreign income
- Filing requirements and due dates
- Penalties
- Substantial presence test
- Double taxation of foreign income
- Housing exclusion / deduction
- Form 1116
- Ownership of foreign businesses
- Form 8621
- Form 926
- Form 8858
- Form 3520
- Form 5471
- GILTI - Global Intangible Low Tax Income
- IRC Section 965 Transition Tax
- Taxation of non-residents
- Expatriation tax
- Non-U.S. owners of U.S. real-estate
- Tax treaties
Learning Objectives
- Identify taxation of non-citizen residents
- Calculate tax owed on foreign income
- Recognize how to determine when to elect to use the foreign tax credit
- Recognize the "tax home" of a taxpayer
- Identify the foreign earned income exclusion rules
- Recognize how to determine when to add housing expenses to Form 2555
- Identify how to complete Form 1116
- Identify who is required to file under FATCA (Foreign Account Tax Compliance Act)
- Identify who is considered a "United States person"
- Recognize taxation of non-residents
- Identify unique issues of U. S. real estate held by non-U.S. owners
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None