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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Tax Law

Date & Time
  • event Date

    Thursday, October 21, 2021

  • schedule Time

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

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

  • 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).

$347.00
CLE
CPE
ALL

This CLE/CPE course will provide tax counsel and advisers with a thorough and practical guide into the tax reporting requirements and planning opportunities for U.S. taxpayers with earnings or assets in India, as well as India citizens with U.S. tax reporting obligations. The panel will discuss U.S. tax law and treaty provisions designed to avoid or mitigate double taxation, residency and expatriation rules, foreign tax credit, and reporting obligations for those filing returns in both countries.

Faculty

Parag P. Patel
Attorney
Patel Law Offices

Mr. Patel’s practice concentrates on tax, international tax planning, estate planning, and elder law. His focus is on all tax matters including international tax law, foreign bank account disclosures, tax audit defense, and tax appeals. He has advocated over one hundred voluntary tax disclosures for assets before the US Internal Revenue Service. He is a frequent speaker and writer on legal issues affecting tax, foreign account planning, and estate planning.

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Darko Naumoski
Principal
WilkinGuttenplan CPAs & Advisors, PC

Mr. Naumoski, joined the firm in 2017, specializes in international taxation and planning strategies. Darko’s tax practice is consumed by international tax matters including U.S. tax aspects of international business such as foreign businesses doing work in the U.S. and U.S. businesses doing work abroad. He assists mid-market multinational clients to create and implement tax structures to minimize worldwide tax which are operationally practical. For foreign-based businesses, Darko and his team are often the first point of contact to steer clients through the different hurdles of doing business in the US giving these clients peace of mind that their businesses are tax compliant in the U.S.

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Sanjay Gupta
Managing Partner
Sanjay Gupta & Associates, LLC

Mr. Gupta is a certified public accountant with more than 30 years of experience in public accounting. He specializes in a wide variety of accounting and tax services to help individual and business clients from different industries, including individual and business tax returns and domestic and international tax. He assists multinational companies and clients set up their U.S. offices, advises on corporate structuring, and manages their U.S. office tax and accounting for foreign tax compliance. In addition, he serves on various Non-Profit Organizations Board as President/Committee Chair. He is a founding Diwali Committee Chair and Former President of the IRCC (An Indian Cultural Organization), Chief Operating Officer (COO) of Indian Physicians of South Florida, Member of the FICPA International Tax Committee, and founding leader of the Indian Institute Chartered Accounts of India (ICAI) of Florida Representative Office.

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Description

The U.S. and India have significant economic and social ties resulting in a constant flow of cross-border business transactions and citizens migrating between the two countries. Tax counsel and advisers must navigate challenges from interpreting and enforcing U.S. and India tax rules to avoid adverse tax liability from either country.

The U.S. taxes worldwide income, and not all tax-exempt earnings in India are tax-exempt in the U.S. Earnings from these accounts must be identified and included on the individual tax return. In addition, practitioners must understand the tax treatment of investment accounts unique to India when preparing these returns for clients.

The most critical planning challenge is reconciling the U.S. and India rules governing residence and domicile. U.S. domicile rules differ from India, and an inadvertent failure to meet filing obligations due to a misapplication of domicile rules can be costly. Tax advisers serving clients in the U.S. and India will need to understand the domicile rules to avoid costly taxes and penalties.

Other areas of concern in U.S.-India tax planning include treating passive income and tax considerations for retirement accounts, contributions, and withdrawals. The extensive U.S. tax reporting requirements imposed on taxpayers with U.S. filing obligations are hovering over all these concerns.

There are many complexities in filing individual income tax returns for U.S. residents (residents and green card holders and citizens) who also file India returns. Tax counsel and advisers must understand the nuances of U.S. and India tax returns, applicable tax rates, and methods to maximize the foreign tax credit for double-taxed income.

Listen as our experienced panel provides comprehensive and practical guidance on navigating U.S.-India tax planning and reporting issues.

Outline

  1. Identifying taxpayers with filing obligations in the U.S. and India
  2. Domicile and residency rules
  3. Passive and unearned income treatment
  4. U.S. taxation of investment and retirement accounts
  5. Foreign tax credit
  6. FATCA and FBAR reporting

Benefits

The panel will review these and other key issues:

  • Filing obligations in the U.S. and India for certain taxpayers
  • Taxable income, reportable accounts, and FBAR/FATCA filings
  • U.S. reporting requirements of India-sourced investments
  • Foreign tax credit considering the fiscal year ITR
  • Key risks and challenges of passive/unearned income in cross-border situations
  • U.S. reporting requirements of India-sourced investments

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Identify easily overlooked Indian reportable accounts held by dual filers
  • Ascertain ways to efficiently calculate the foreign tax credit
  • Determine tax considerations of beneficiaries receiving Indian assets
  • Decide how Indian Form ITR income is taxed on the U.S. Form 1040

  • 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 pass-through taxation, including taxation of partnerships, S corporations and sole proprietorships, qualified business income, net operating losses and loss limitations; familiarity with net operating loss carry-backs, carry-forwards and carried interests.

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).