Advocate for your clients who live abroad and protect their assets from excessive taxation. As your clients become increasingly global in their employment, investment, and retirement opportunities, their tax exposure becomes more complex, placing expectations on you to guide them through the multinational tax matrix. Learn about the tax issues facing U.S. citizens living overseas and foreign nationals living in the United States. Explore tax issues related to cross-border employment, business, and investment activities and discover new strategies to minimize the potential for double taxation by two or more countries. Course materials include the impact of the Tax Cuts and Jobs Act of 2017 (TCJA) tax reform law.
Course ID: TILA
Taxation of Individuals Living Abroad and Foreign Nationals Living in the U.S.
- Identify ways to advise current and prospective clients on the tax issues they may confront when living a global lifestyle.
- Determine residency status.
- Determine what sources of income are included and not included in taxable income.
- Recognize effectively connected income (ECI) and how it impacts the taxation of nonresident aliens.
- Identify tax issues with taxation of dual-status individuals.
- Identify structuring alternatives between the home and host country for an expatriate assignment.
- Determine Section 911 exclusions.
- Foreign nationals
- Requirement for foreign nationals to file U.S. individual income tax return
- Concept of world-wide income and interaction with foreign tax credits
- FDAP (fixed, determinable, annual, periodical income), effectively connected income, and sourcing rules
- Withholding rules, engagement in trade or business, and real property interest of foreign investors in the U.S.
- Tax effects of tax treaties
- U.S. citizens
- Issues facing U.S. citizens living overseas (expatriates) including earned income and housing exclusion, sourcing of income, deductions, credits, and tax withholding
- Tax planning opportunities and filing requirements facing U.S. expatriates
- Responsibility for reporting existence of foreign financial assets
DESIGNED FORTax practitioners and employers who have foreign clients or employees, or US clients or employees living overseas
FIELD OF STUDY