BarbriSFCourseDetails
  1. keyboard_arrow_leftBack

Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Tax Preparer

Date & Time
  • event Date

    Thursday, December 3, 2020

  • 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 filing returns for clients taxed in both Australia and the U.S. with an explanation of reporting requirements and tax obligations in both countries. The panel will discuss treaty provisions, relief from dual taxation, residency determinations, and how to mitigate overall taxes paid.

Faculty

C. Edward Kennedy
Managing Director
C Edward Kennedy Jr, PC

Mr. Kennedy has more than 42 years of experience dealing with a variety of international tax matters, specializing in tax consulting services to a wide variety of clients ranging from closely held companies to multi-national businesses. His expertise includes domestic and foreign income and social security tax planning, tax compliance for individuals and corporations, tax treatment of incentive compensation plans, international assignment program administration, and international assignment policy design. Mr. Kennedy has also served as the U.S. practice leader for international social security matters for a Big 4 accounting firm. He is a frequent speaker in the areas of international tax compliance and reporting obligations U.S. information reporting requirements for foreign assets and foreign entities, U.S. tax implications of foreign pension and social security plans, and U.S. income and social tax treaty planning. Mr. Kennedy is a member of the Texas Bar and is licensed as a certified accountant in Georgia and Texas. He has a B.A. from Furman University and a J.D. from Vanderbilt University School of Law.

expand_circle_down Expand to View Full Bio expand_circle_up Collapse Bio
Patrick J. McCormick
Partner
Rimon, P.C.

Mr. McCormick specializes in the areas of international taxation and multinational trusts and estates. He has published assorted national articles and given innumerous national and local presentations on assorted areas of international tax. He is licensed to practice in the State of New Jersey and the Commonwealth of Pennsylvania.

expand_circle_down Expand to View Full Bio expand_circle_up Collapse Bio

Description

The U.S. estate tax exclusion for non-resident aliens is only $60,000 compared to the $11.58 million exemption ($23.16 for married taxpayers) for U.S. residents. Australia is one of only 18 countries that has an estate tax treaty or agreement with the U.S. The U.S. Australia estate treaty stipulates the taxation of assets in each country based on location and extends the U.S. estate tax exclusion to certain Australian residents as well.

Unique to Australia is its superannuation funds (supers). The tax treatment of these funds is perplexing. They are similar to U.S. Social Security income and retirement income but do not fit neatly into either category. Opinions vary on the U.S. tax treatment of supers. Practitioners struggle with the income taxation of supers, not wanting to subject clients to unnecessary taxation but wanting to steer clear of preparer penalties. Supers are subject to both FBAR and FATCA reporting requirements in the U.S.

Taxpayers with a presence in Australia and the U.S. must consider the residency rules in both countries, the taxation of real property and investments in each, and the availability of treaty relief from dual taxation. A thorough analysis of the U.S.-Australian Income and Estate Tax Treaties is necessary to understand what is subject to tax in each country.

Listen as our panel of experts provides a comprehensive review of the tax issues confronting U.S.–Australian taxpayers, and how to circumvent or lower taxation in both countries.

Outline

  1. The U.S.-Australia Income Tax Treaty
  2. Residency determinations
    1. Australia
    2. United States
  3. Types of income and taxation
  4. Australian superannuation funds
  5. Totalization agreement
  6. The U.S.-Australia Estate tax treaty
  7. Dual taxation relief
  8. FATCA and FBAR reporting
  9. Other planning steps

Benefits

The panel will review these and other vital issues:

  • Identify key provisions in the U.S.-Australian Income and Estate Tax Treaties.
  • Determine when a non-resident might have a taxable presence in Australia or the U.S.
  • Recognize situations in which totalization agreements apply.
  • Ascertain options available to employers and employees to obtain the most favorable Social Security tax treatment.
  • Establish how a taxpayer can avoid dual tax liabilities.
  • Identify the tax reporting requirements of U.S. resident taxpayers and foreign individuals.

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Determine treaty benefits available for relief from dual taxation
  • Decide when an individual may meet the residency requirements in Australia
  • Ascertain when additional U.S. foreign reporting obligations may exist for Australian accounts
  • Identify various tax treatments of Australian supers

  • 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 tax firm experience at mid-level within the organization, preparing complex international tax forms and schedules. Specific knowledge and understanding of foreign tax reporting, tax treaties, totalization agreements, dual taxation issues, Subpart F income, global intangible low-taxed income (GILTI), and foreign-based retirement accounts; familiarity with detached worker rules, foreign-source wages, and foreign financial assets. 

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).