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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

    Tuesday, May 3, 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 webinar will explain which former U.S. residents, with no or insignificant ties to the U.S., may be subject to U.S. tax and information return reporting requirements. Our panel of foreign tax experts will discuss required filing and reporting requirements, using IRS' streamlined procedures to become compliant, and terminating U.S. residency status for citizens and green card holders for advisers working with multinational taxpayers.

Faculty

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.

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Katelynn Minott
CEO, Managing CPA
Bright!Tax

Ms. Minott is an expert in US taxation issues for Americans abroad, working with clients in 200 countries. She has experience in individual taxation, retirement of US taxpayers abroad, foreign corporate & partnership disclosures (5471, 8865), passive foreign investment companies (8621), foreign trusts (3520), US tax treaties and totalization agreements.

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Description

"Accidental Americans" are individuals who are deemed to be U.S. citizens but have little connection with the U.S. These individuals include those born to a U.S. citizen but living most of their lives abroad, green card holders who left the country, citizens who moved out of the U.S. long ago, and those born in the U.S. whose parents are not citizens.

U.S. citizens and residents are taxed on their worldwide income no matter where they reside or where their income is generated. Green card holders are treated as lawful permanent residents, as are individuals meeting the substantial presence test. Departing the U.S. without properly terminating residency status or renouncing citizenship, and failing to meet continuing filing and tax obligations, can result in numerous and substantial compliance and tax penalties.

Severing ties with the U.S. was intended to be a proactive process. Citizens can expatriate and, if they are a covered expatriate, are required to pay an exit tax. A green card holder can apply for abandonment, or dual-status taxpayers might apply tie-breaker rules to end ties with the U.S. In any event, past filing and payment obligations will need to be addressed. International tax advisers need to understand which individuals may be subject to unexpected U.S. tax and reporting obligations and what courses of action are available to rectify these oversights.

Listen as our panel of qualified international tax advisers explains steps U.S. citizens and residents can take to renounce their status and satisfy U.S. filing and reporting requirements.

Outline

  1. Who are Accidental Americans?
  2. Filing obligations
    1. Income tax
    2. Estate and gift tax
    3. Information returns
    4. IRS streamlined procedures
  3. Renouncing or retaining citizenship
  4. Relinquishing green card status
    1. Revocation
    2. Abandonment
    3. Reclassification
  5. Exit tax
    1. Planning
    2. Form 8854, Initial and Annual Expatriation Statement
    3. Covered expatriates
    4. Relief Procedures for Certain Former Citizens

Benefits

The panel will cover these and other critical issues:

  • Which penalties can be abated by using the IRS streamlined procedures?
  • What forms and returns are Accidental Americans likely required to file?
  • What methods are available for green card holders to sever ties with the U.S.?
  • How is the exit tax calculated and who is a covered expatriate?

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Identify individuals who may be Accidental Americans
  • Decide who is subject to the exit tax
  • Determine steps to take to relinquish green card status
  • Ascertain whether IRS streamlined procedures could be a viable alternative

  • 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.

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).