Preparing U.S. Personal Tax Returns for Cross Border Persons: Common Top Tax Issues
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 12/31/2027 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
If you are a foreign person with U.S. income, you will have U.S. compliance obligations. This course will look at tax issues important to U.S. individuals (Form 1040 filers) and nonresidents (Form 1040NR filers).
Publication Date: October 2024
Topics Covered
- Determining residency and the treaty tie-breakers
- Sourcing of income
- Understanding the foreign-earned income exclusion
- Calculating the Foreign Tax Credit
- Properly dealing with Passive Foreign Investment Companies
- Differentiating between Effectively Connect Income and Fixed, Determinable, Annual, or Periodic income for foreign persons
Learning Objectives
- Identify how to develop a practical understanding of U.S. tax compliance for U.S. individuals with foreign activities
- Identify how to develop a practical understanding of U.S. tax compliance for foreign individuals with U.S. activities
- Identify the type of authority that is used as a treaty tie-breaker
- Identify the first step with respect to allocation and apportionment of expenses
- Identify the formula taxpayers use to compute their foreign tax credit limitation
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
