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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Tax Preparer

Date & Time
  • event Date

    Monday, November 21, 2022

  • schedule Time

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

  • timer Program Length

    110 minutes

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).

$197.00
CPE
ALL

This course will provide tax advisers and preparers with an in-depth review of complex income tax considerations related to Americans working abroad. The panel will explore eligibility, including the required tests to qualify for income and housing exclusions, preparation of Form 2555, Foreign Earned Income.

Faculty

Marc J. Strohl
Principal
Protax Consulting Services, Inc

Mr. Strohl specializes in international U.S. individual income taxation issues as related to individual U.S. expatriates and nonresident aliens or foreign nationals, serving individual clients as well as the employees of employer-sponsored programs of multinational public, non-profit companies and professional firms. He is a member of the AICPA and NYSSCPA’s International Taxation Committee and Taxation of Individuals Committee, and a regular contributor to the NYSSCPA’s “The Trusted Professional” and blog publications. He is featured internationally including his Published main articles in the critically acclaimed Thomson Reuters’ twice-monthly newsletter publication Practical International Tax Strategies. His industry benchmark authoritative executive summary tax articles found at: https://www.protaxconsulting.com/article/ regarding U.S. Expatriate and Foreign National-Nonresident and/ or Resident Alien tax are world renown and standard issue at the big 4 to staff and clients.

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Brent Lipschultz
Partner
Eisner Advisory Group, LLC

Mr. Lipschultz has over 25 years of experience and is a leader in the firm’s International Wealth Planning Team. He focuses on domestic and international income, and estate and gift tax planning for global investors, corporate executives, athletes and entertainers, and closely held business owners. Additionally, he advises global companies on expatriate tax and payroll matters and provides services in the areas of compensation planning and charitable giving. He has represented clients before the IRS and state taxing authorities on complex tax matters, including offshore voluntary compliance cases.

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Description

Qualifying U.S. citizens and residents working outside the U.S. may exclude a portion of their foreign earned income under Section 911. Also, qualifying individuals may elect to exclude an amount for housing from taxable income.

Tax advisers should carefully evaluate potential tax benefits from electing the foreign earned income and housing cost exclusions or deductions. Applying U.S. and foreign Social Security rules is particularly complex, especially concerning totalization agreements. Advisers must consider the initial election and analyze the realistic prospects of utilizing excess foreign tax credits.

Listen as our experienced panel explores filing Form 2555, Foreign Income Exclusion, including eligibility and applying for recently released relief for individuals affected by the pandemic.

Outline

  1. Review of foreign earned income exclusion
  2. Tax Home Test
  3. Bona Fide Residence Test
  4. Physical Presence Test
  5. Housing cost exclusions or deductions
  6. Completing Form 2555
  7. Issues with foreign tax credits
  8. Discussion of Form 114 FBAR and Form 8938 FATCA compliance
  9. Social Security and totalization agreements

Benefits

The panel will review these and other key issues:

  • Eligibility for the foreign earned income and housing exclusions
  • Complying with requirements for housing cost exclusions and deductions
  • Planning with foreign tax credits
  • Comprehending Social Security totalization agreements

NASBA Details

 

Learning Objectives

Upon completing this webinar, you will be able to:

  • Determine eligibility for the foreign earned income and housing exclusions.

  • Identify foreign tax credits available.

  • Differentiate among the tax home test, bona fide residence test, and physical presence test.

  • Comprehend Social Security totalization agreements.

  • Verify that taxpayers need to file Forms 8938 and FBAR Form 114.

  • 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, supervising other preparers/accountants. Specific knowledge and understanding of foreign earned income, Form 2555, tax treaties, foreign earned income exclusion, the tax home test, bona fide residence test, and physical presence test; familiarity with foreign housing exclusion, moving expenses, FBAR Form 114 and FATCA Form 8938.

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).