CPE Course Library

1 hour

International Tax Update & Review

Course Description

Our world has become much smaller. From the comfort of our offices we are now able to transact business with major financial centers located on other continents. Taxpayers want to reduce their tax liability as much as possible. If they have to pay foreign taxes, they want to maximize any foreign tax credits that they are entitled to receive. As businesses are becoming more involved in international transactions, companies of all sizes are opening offices or establishing formal relationships with related entities offshore.

The United States tax laws allow exclusions for certain types of income earned abroad. However, the criteria is very strict, and mistakes can wreak havoc on a clients' or business's tax bill. This course, which provides an overview of the major international tax issues that affect individuals and small businesses.

Topics Covered:

  • International tax case review
  • IRS commissioner's emphasis on offshore tax evasion
  • IRS tax enforcement international initiatives
  • FATCA and FBAR recent developments
  • Tax havens — impact
  • Tax treaty developments
  • Foreign earned income exclusion
  • Corporate international tax evasion
  • Foreign tax rates — How does the U.S. compare?
  • Competent Authority Update

Learning Objectives:

  • Understand the significance of a tax treaty
  • Recognize what the differences are between a U.S. citizen, resident alien, non-resident alien, and dual-status alien
  • Explain tax-planning tools to clients who are moving or reside abroad
  • Identify recent tax changes impacting U.S. taxpayers involved in international activities
  • Identify tax requirements for the establishment of a foreign operation
  • Comply with IRS withholding requirements for offshore U.S. employers
  • Identify tax-saving tools that legally reduce foreign-based income
  • Identify recent major tax changes affecting international corporate taxpayers
  • Awareness of IRS Competent Authority procedures
  • Understand recent FBAR and FATCA changes

Delivery Method: Self Study
Field of Study: Other Federal Tax
Prerequisites: None
Advance preparation: None
Program Level: Basic
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.

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