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  • videocam On-Demand
  • signal_cellular_alt Intermediate
  • card_travel Tax Preparer
  • schedule 110 minutes

Avoiding Foreign Tax Credit Errors and Maximizing Opportunities: Maximizing the FTC

Deductions vs. Credits, Paid vs. Accrued Taxes, Interaction With Section 911, Carrybacks

$197.00

This course is $0 with these passes:

CPE
ALL
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Description

Utilizing foreign tax credits is critical to avoid double taxation of Individual taxpayers working, investing, or living across international borders. In addition to common errors, which could include applying the credit to ineligible taxes, improper completion of Form 1116, Foreign Tax Credit, or miscalculations, are overlooked opportunities to increase the benefit of the foreign tax credit.

Too often, tax preparers routinely take advantage of the foreign earned income exclusion under IRC Section 911 and fail to consider the higher tax rates imposed by other countries. Additionally, many circumstances warrant taking a deduction for foreign taxes. Here too, practitioners sometimes fail to realize foreign income taxes are not subject to the $10,000 tax deduction cap. International tax practitioners must understand key considerations when applying for these credits.

Listen as our panel of international tax experts explores the errors and oversights to avoid when calculating foreign tax credits for international taxpayers.

Presented By

Clarissa Cole
Managing Director
Andersen, LLC

Ms. Cole has over 25 years of experience with tax issues related to globally mobile workforces and international tax issues related to U.S. and foreign individual taxpayers.

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Keith Meyer
Partner
Andersen, LLC

Mr. Meyer is a Partner in the Private Client group at Anderson LLP who advises clients on a wide range of US and UK personal tax issues. His clients include international high net worth individuals, fund managers, senior executives, law firm partners, company founders, trusts, and companies. Keith has also spent time advising expatriate employers and employees.

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Credit Information

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

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

Date + Time

  • event

    Tuesday, September 12, 2023

  • schedule

    1:00 p.m. ET./10:00 a.m. PT

  1. Foreign tax credits: introduction
  2. Qualified foreign taxes
  3. Deduction vs. credit
  4. Paid vs. accrued
  5. Utilizing carrybacks
  6. Interaction with Section 911, foreign earned income exclusion
  7. Other considerations

The panel will cover these and other critical issues:

  • Common errors made when completing Form 1116
  • Comparing the benefits of the foreign earned income exclusion and the foreign tax credit
  • Circumstances where the foreign deduction is more valuable than the foreign tax credit
  • Choosing the paid or the accrual method for foreign taxes
  • Taking advantage of creditable foreign tax carryovers

Learning Objectives

After completing this course, you will be able to:

  • Identify taxes eligible for the foreign tax credit
  • Determine how the Section 911 foreign earned income exclusion interacts with the foreign tax credit
  • Ascertain when electing accrued rather than paid foreign taxes could benefit a taxpayer
  • Decide when a foreign tax deduction may be more valuable than a foreign tax credit
  • 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 preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of international taxation including residency determination, foreign entity classifications, application of treaty benefits, as well as GILTI, Subpart F, and the related Section 250 deductions.

BARBRI 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

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

BARBRI CE webinars-powered by Strafford-are backed by our 100% unconditional money-back guarantee: If you are not satisfied with any of our products, simply let us know and get a full refund. Contact us at 1-800-926-7926 .