Description
Guide your international clients who work and live both inside and outside of the United States.The benefit of this topic is to bring you up to date on all of the changes and nuances of the impact of international tax issues when dealing with the taxing authorities of two or more countries. It will help you guide your international clients who work and live both inside and outside of the United States. You will be able to address their reallife issues relating to taxation in the U.S., such as how immigration status affects filing requirements, taxability of worldwide income, U.S. versus foreign country taxing requirements and how the form 1040NR can help, but also limit, tax savings for your clients.
Date: 2021-11-15 Start Time: End Time:
Learning Objectives
Introduction
• Complexities of the Modern World
• Differing Tax Jurisdictions and Regulations
• Ease of Travel
• Working in Other Countries
Is the Form 1040-NR Right for You?
• Who Is Eligible to Use Form 1040-NR?
• Individuals
• Foreign Owned LLCs
Special Rules for Dual Resident Taxpayers
• What Is a Dual Resident?
• Specified Foreign Financial Assets
Definition of Alien
• Why Is the Definition Important?
• Resident Alien • Who Qualifies?
• Nonresident Alien • Who Qualifies?
Why Does Residency Matter?
• What Are the Tests of Residency?
• Green Card
• Substantial Presence Test
• Arguments Against Residency
• Closer Connections
• Individual’s Intent
How Are Income Tax Treaties Utilized?
• When Are They Relevant?
• What Takes Precedence?
• Treaties
• IRS Code and Regs
What Income Is Taxed on Form 1040-NR?
What Deductions Are Allowed on Form 1040-NR
• Differences Between Form 1040 and Form 1040-NR
Pitfalls to Be on the Lookout For
AIPB ,Enrolled Agents ,CPE ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.
Janathan L. Allen-Allen Barron, Inc.
