The program will look at rules covering the claiming of a foreign tax credit on a federal income tax return and issues that may arise, including the various categories of income, limitations that are imposed, and the exemption from filing the form for those who have small amounts of passive foreign income and tax.
DESIGNED FOR
CPAs who work with individuals that have foreign taxes withheld/paid and foreign income.
BENEFITS
This course will enable the participants to understand issues involved with properly claiming the foreign tax credit for their clients on Form 1116.
HIGHLIGHTS
- Basic ideas behind the foreign tax credit - an attempt to deal with the same item being taxed by two national governments
- The various categories of foreign income under which the credit is computed
- What is (and isn’t) a foreign tax that qualifies for the credit.
- Key rules that impact the most common foreign tax credit scenario - taxes withheld on passive foreign income from interest and dividends
- Qualifying for the exception from filing the Form 1116 and what the taxpayer gives up when making that election
- Foreign tax credit carryovers and the extend statute of limitations on such taxes
COURSE LEVEL
Basic
PREREQUISITES
None
ADVANCE PREPARATION
None
ADDITIONAL NOTES
Virtual CPE Pass holders must register for each event.
For course materials, please visit your My Events page. Handouts are added as received, remember to check back for updates.