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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

    Thursday, May 7, 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 review the complexities of filing dual-status returns, including determining residency status, the mechanics of filing as both a resident and nonresident within the same tax year, determining U.S. source taxable income, and identifying available deductions. Advisers working with clients who reside in multiple countries or have plans to expatriate need to be familiar with U.S. residency tests and the filing requirements for dual-status returns.

Faculty

Mishkin Santa
Principal, Director of International Tax
The Wolf Group, PC

Mr. Santa focuses his practice on repatriation tax, as well as individual income tax compliance, estate, gift & trust tax compliance, FBAR Assistance, foreign trust tax compliance, exit tax planning, EB-5 investor program, international assignment structuring and planning, offshore voluntary disclosure programs, foreign corporation (Subpart F, Transfer Pricing, E&P Studies), and asset protection planning. His client base includes U.S. citizens living overseas, U.S. nonresidents, EB-5 investors, U.S. domestic individuals and families, international businesses, international based families with investments in multiple jurisdictions and tax residency in multiple jurisdictions, U.S. citizens or residents who are beneficiaries of foreign trusts and who will receive gifts or inheritances from non-US persons,  and trustees of trusts with U.S. grantors or U.S. beneficiaries.


 

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Vanessa Pascoe
Tax Manager
The Wolf Group, PC

Ms. Pascoe has more than 20 years’ experience serving the tax needs of high-net-worth individuals, their families and related entities. She began her career in Atlanta at a “Big Six” accounting firm and joined The Wolf Group in 2010. Her focus at The Wolf Group includes Overseeing the Fiduciary (Trust & Estate) and Gift Tax practices and Assisting families and their other advisors as the family plans to minimize their taxes and understand the tax impacts of their financial and estate planning.

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Description

Dual status taxpayers are those considered to be residents and nonresidents within the same tax year. These taxpayers must submit two income tax filings for the same tax year, including Form 1040 (or statement) for the resident portion and Form 1040NR (or statement) for the nonresident part of said year. The taxpayer's status at year-end dictates the form filed, 1040 or 1040NR. Practitioners often opt to include a statement, as opposed to the alternate form, for the period covered by the first of the year.

Since the U.S. taxes global income, income from all countries must be included on the resident return. At the same time, only U.S. sourced income and income effectively connected with a U.S. trade or business, would be reported on the nonresident return.

Additionally, practitioners must be able to determine whether a taxpayer is a resident or nonresident via his green card status or using the substantial presence test. Other unique filing considerations for these returns include disallowed deductions and the requirement to file separately for nonresidents. Applicable taxpayers may be able to benefit from the foreign earned income exclusion for the portion of the year they are a resident.

Listen as our panel of experts explains filing dual-status returns, including determining residency status, filing status, deductions, and credits, as well as planning opportunities and best practices for filing these complicated returns.

Outline

  1. Who are dual-status taxpayers?
  2. Residency tests
  3. The mechanics of filing the return
    1. Nonresident filing status
    2. Itemized deductions and noresidents
    3. Foreign earned income exclusion
  4. Treaty benefits
  5. FATCA and FBAR filing
  6. Planning opportunities

Benefits

The panel will review these and other vital issues:

  • Who is a dual-status taxpayer?
  • What income is considered U.S. source income?
  • How to apply the substantial presence test
  • When can a nonresident file other than a separate return?
  • What are the mechanics of filing returns for two residency statuses within one tax year?
  • What are planning opportunities available for dual-status taxpayers?

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Determine which taxpayers are required to file dual-status returns
  • Decide when the foreign earned income exclusion can be taken
  • Ascertain whether a taxpayer is a resident for a tax year
  • Identify planning opportunities for clients who also live outside the U.S.

  • 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).