2015 International Tax Update (Currently Unavailable)

Author: Stuart P Sobel

Our world has become a lot smaller. From the comfort of our offices we can 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.Businesses are becoming much more involved in international transactions. Many corporations, both large and small, are either opening offices or establishing formal relationships with related entities offshore.

The United States tax law allows exclusions for certain types of income earned abroad. The criteria, however, is very strict, and mistakes can wreak havoc on a client's or businesses tax bill. This course will provide an overview of the major tax issues that affect individuals and small businesses.

Publication Date: August 2015

Designed For
Tax practitioners dealing with international tax issues.

Topics Covered

• 2014 international tax case review
• House Ways and Means tax reform — international tax
• IRS commissioner's emphasis on offshore tax evasion
• IRS tax enforcement international initiatives
• FATCA and FBAR 2014 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
• And more

Learning Objectives

• Compute a foreign income exclusion.
• Understand the significance of a tax treaty.
• Recognize the differences between a U.S. citizen, resident alien, non-resident alien, and dual-status alien.
• Explain tax planning tools to clients who are moving or residing 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

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
A basic understanding of tax preparation.

Advance Preparation
None