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

Foreign Tax Credits for Individuals: Form 1116 Changes, Final Regulations

GILTI High-Tax Exception, Limitations and Calculations, Income Baskets, Carryovers

$197.00

This course is $0 with these passes:

CPE
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Description

U.S. taxpayers are entitled under Section 901 to claim FTCs for certain foreign income taxes, whether paid or deemed paid. However, the foreign tax credit rules are involved, the carryback and carryover periods are limited, and the availability of the credits is limited by the category or basket of income and by the ratio of foreign-source income to worldwide income.

Legislation has made significant and far-reaching changes to taxpayers' ability to claim FTCs under Section 901. Tax professionals need to consider the impact of the notice on taxpayers. Wading through and understanding these complex legislative changes is challenging for tax professionals.

Listen as our expert panel provides a comprehensive guide to calculating FTCs and completing Form 1116. The panel will outline which foreign taxes are eligible for Section 901 FTC and discuss the recent changes to Form 1116.

Presented By

John Samtoy
Tax Partner
Holthouse Carlin & Van Trigt LLP

Mr. Samtoy’s practice specializes in international tax compliance and consulting services, with a focus on individuals, closely-held businesses, and hedge funds. He has particular expertise in structuring and reporting foreign manufacturing arrangements and foreign holding companies, and is experienced in foreign asset disclosure requirements, as well as foreign trust and estate reporting.

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Maria Zhandalinova
Senior Tax Manager
The Wolf Group, PC

Ms. Zhandalinova is a CPA and Senior Tax Manager at The Wolf Group, who specializes in assisting entrepreneurs, high-net-worth individuals, and multinational businesses with their international tax planning and tax preparation needs. She regularly advises clients on proper reporting for their international businesses (whether inbound to or outbound from the US), proper reporting of global income and assets, and tax savings opportunities. Specific focus areas include reporting of Controlled Foreign Corporations (CFCs) and other foreign entities, entity basis calculations, Subpart F income and exceptions, Global Intangible Low-Taxed Income (GILTI), Earnings and Profits (E&P) calculations, §962 and other elections, Previously Taxed Earnings & Profits (PTEP) ordering and calculations, and foreign asset reporting.

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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, June 24, 2025

  • schedule

    1:00 PM E.T.

  1. Section 901 creditable foreign taxes
  2. Proposed and final regulations
  3. Sourcing rules and grouping of income into baskets
  4. Income limitations
  5. Documentation and substantiation requirements and challenges
  6. Calculating credits and carryovers
  7. Crossover between Form 1116 and Schedules K-2 and K-3
  8. Preparing Form 1116

The panel will discuss these and other important aspects of FTC calculations:

  • Identifying creditable foreign taxes
  • Basket groupings, foreign sourcing rules, and new income baskets
  • Impact of GILTI on tax calculations
  • Interest and other expense allocation
  • Strategies for using up foreign tax credit carryovers
  • Recently issued final and proposed regulations impacting FTCs

Learning Objectives

After completing this course, you will be able to:

  • Identify creditable foreign taxes
  • Recognize deemed paid foreign taxes
  • Determine how to basket for purposes of computing the foreign tax credit
  • Establish the impact of GILTI on tax calculations
  • Ascertain the changes impacting Form 1116
  • 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. Working knowledge and understanding of foreign tax credits, Form 1116, elections available to foreign taxpayers for taxpayers with foreign income and taxes and sourcing rules; familiarity with 901 creditable foreign taxes and deemed paid taxes.

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 .