Planning for the Foreign Tax Credit and Compliance on Form 1116 and Form 1118
Author: Robert J. Misey
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2028 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
The foreign tax credit is the primary means by which the United States alleviates double taxation. However, U.S. taxpayers are often surprised that they don’t receive a credit for all their foreign taxes. Taught by former IRS Chief Counsel (International) attorney Robert Misey, this course will teach you the fundamentals of the foreign tax credit and conclude with the preparation of sample foreign tax credit forms 1116 (for individuals) and 1118 (for corporations)
Publication Date: May 2025
Designed For
Tax accountants, tax attorneys, and tax professionals in industry
Topics Covered
- Creditable foreign taxes
- How the sourcing rules impact the limitation
- The various limitation baskets
- Completing Forms 1116 and 1118
Learning Objectives
- Determine what is a creditable foreign tax
- Explain the foreign tax credit limitation
- Explain how to plan around the foreign tax credit limitation and the sourcing rules
- Explain the various limitation baskets and how they restrict the credit
- Explain how to substantiate your creditable foreign taxes
- Explain how to prepare Forms 1116 and 1118
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
