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2 hours
CTEC IRS NASBA

Tax Issues for Americans Living Abroad

Course Description

Our world has become a lot smaller. From the comfort of our offices we can transact business with major financial centers located on other continents. People are leaving the USA and taking residency in other countries. Their reasons for leaving are varied. Even though they reside in another country, they still have US tax obligations.

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. The United States tax law allows exclusions for certain types of income earned abroad. The criteria, however, is very strict, and mistakes can wreak havoc on a client's tax bill.

Because the Internal Revenue Service wants to ensure that voluntary compliance is maintained, it has instituted a significant amount of investigation and information reporting of foreign activities by individuals. This short course will provide an introduction to the major tax issues affecting U.S. citizens living or transacting business abroad. It will include recent changes relating to international tax issues.

Topics Covered:

  • Although income from abroad is taxable, certain items may be excluded.
  • Taxation of nonresident aliens
  • Introduction to tax treaties
  • Filing requirements
  • Withholding and Social Security tax issues
  • Foreign earned income and housing exclusions
  • Foreign tax credit computations
  • Obtaining international tax assistance
  • Impact of bank secrecy laws and currency transaction requirements
  • Contributions to foreign charitable organizations
  • Taxation of dual-status aliens
  • New developments in international taxation

Learning Objectives:

  • Compute a foreign income exclusion
  • Understand the significance of a tax treaty
  • Recognize the differences between a U.S. citizen, resident alien, non-resident alien, and dual-status alien
  • Explain tax planning tools to clients who are moving or residing abroad
  • Identify recent tax changes impacting U.S. taxpayers involved with international activities

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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