2024 Mid-Year U.S. International Tax Update: Tax Issues for Cross-Border Transactions, Recent Guidance and Regulations

The IRS continues to aggressively assess penalties for failure to comply with reporting requirements of individuals and companies engaged in cross-border activities. Tax professionals must understand the U.S. international tax regime, key tax provisions impacting certain transactions, reporting requirements, and available tax planning mechanisms for U.S. individuals and companies.

Under current tax law, and in light of recent developments in the international tax landscape, possessing an in-depth understanding of international tax rules and regulations will assist counsel and tax advisers in helping taxpayers maintain compliance and avoid IRS examination. A taxpayer's failure to properly adhere to reporting and filing requirements associated with cross-border activities and foreign assets can result in serious civil and/or criminal penalties.

Listen as our panel provides guidance on the most complex aspects of international tax compliance, tax issues associated with cross-border activities, and the implications of recent U.S. tax regulations and developments, as well as provides guidance on avoiding the assessment of penalties, additional tax liability, and potential audits.

1. Overview of U.S. international tax compliance
2. Recent developments
   1. Sourcing of income and expenses
   2. U.S. foreign tax credit
   3. Transfer pricing
   4. FATCA and other withholding and reporting
   5. Subpart F
3. Tax planning tips for individuals and companies
4. Navigating IRS examinations and appealing penalty assessments

The panel will review these and other key concepts:

• An overview of U.S. taxation of cross-border activities
• Reporting requirements and methods for compliance
• Recent U.S. international tax law developments
• Tax planning tools available to individuals and companies engaged in international transactions
• Appealing penalty assessments, handling audits, and litigation tactics

Learning Objectives

After completing this course, you will be able to:

• Identify tax implications of cross-border activities and foreign assets
• Determine a taxpayer's risk of exposure to additional tax liability or penalties
• Ascertain effective techniques in handling IRS issue-based examination

• Field of Study: Taxes
• Level of Knowledge: Intermediate
• Advance Preparation: None
• Teaching Method: Seminar/Lecture
• Delivery Method: Group-Internet (via computer)
• Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
• Prerequisite: Three years+ business or public firm experience at mid-level within the organization, preparing complex tax forms and schedules; supervisory authority over other preparers/accountants. Working knowledge of partnership/corporate structure, international taxation, and acquisitions.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).