International Tax Update


Overview
Our world has become much smaller. From the comfort of our offices we are now able to transact business with major financial centers located on other continents. Taxpayers want to reduce their tax liability as much as possible. If they have to pay foreign taxes, they want to maximize any foreign tax credits that they are entitled to receive. As businesses are becoming more involved in international transactions, companies of all sizes are opening offices or establishing formal relationships with related entities offshore.

The United States tax laws allow exclusions for certain types of income earned abroad. However, the criteria is very strict, and mistakes can wreak havoc on a clients’ or business’s tax bill.

Objectives
Upon successful completion of this course, participants will be able to:

  • ​Compute foreign income exclusion
  • Understand the significance of a tax treaty
  • Recognize what the differences are between a U.S. citizen, resident alien, non- resident alien, and dual-status alien
  • Explain tax-planning tools to clients who are moving or reside abroad
  • Identify recent tax changes impacting U.S. taxpayers involved in international activities
  • Identify tax requirements for the establishment of a foreign operation
  • Identify tax-saving tools that legally reduce foreign-based income
  • Identify recent major tax changes affecting international corporate taxpayers

 
Emphasis

  • House Ways and Means tax reform – international tax
  • IRS commissioner’s emphasis on offshore tax evasion
  • IRS tax enforcement international initiatives
  • FATCA and FBAR developments
  • Tax havens – impact
  • Tax treaty developments
  • Foreign earned income exclusion
  • Corporate international tax evasion
  • Foreign tax rates – How does the U.S. compare?
  • New IRS John Doe summons – more banks
  • G-20 Exchange of Information
  • IRS No Rulings List
Prerequisite
None
 
Preparation
No advance preparation required
 
Level of Knowledge
Update
 
CPE Credit
2 Hours
 
Delivery Method  
Group Internet Based
 
NASBA Field of Study
Taxes

Author
Stuart Sobel