Foreign Earned Income: Form 2555 Exclusion
Navigating Tax Treaties, Social Security Totalization Agreements
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This course will provide tax advisers and preparers with an in-depth review of complex income tax considerations related to Americans working abroad. The panel will explore eligibility, including the required tests to qualify for income and housing exclusions, preparation of Form 2555, Foreign Earned Income.
Outline
- Review of foreign earned income exclusion
- Tax Home Test
- Bona Fide Residence Test
- Physical Presence Test
- Housing cost exclusions or deductions
- Completing Form 2555
- Issues with foreign tax credits
- Discussion of Form 114 FBAR and Form 8938 FATCA compliance
- Social Security and totalization agreements
Benefits
The panel will review these and other key issues:
- Eligibility for the foreign earned income and housing exclusions
- Complying with requirements for housing cost exclusions and deductions
- Planning with foreign tax credits
- Comprehending Social Security totalization agreements
Faculty
Brent Lipschultz, CPA
Managing Director
NKSFB, LLC
Mr. Lipschultz is a Managing Director at NKSFB, LLC with over 30 years of experience in International and Domestic... | Read More
Mr. Lipschultz is a Managing Director at NKSFB, LLC with over 30 years of experience in International and Domestic Wealth Planning. He focuses on domestic and international income; estate, and gift tax planning for global investors; corporate executives; athletes and entertainers; and closely-held business owners. Additionally, Mr. Lipschultz advises global companies on expatriate tax and payroll matters; and provides services in the areas of compensation planning and charitable giving. He has represented clients before the IRS and state taxing authorities on complex tax matters, including off-shore voluntary compliance cases. Prior to joining NKSFB, Mr. Lipschultz was a Partner at a Big 4 firm where he served international family offices having sophisticated cross border tax issues. He also served as a technical resource in a Big 4 firm’s Washington National Tax practice. Prior to relocating to Los Angeles, Mr. Lipschultz was on the campaign steering committee of UJA-Federation of New York and on the executive board of STEP-NY. He was formerly on the Executive Committee of the AICPA Personal Financial Planning board. Mr. Lipschultz has written numerous articles on topics of estate planning for national publications, including The Tax Advisor and Philanthropy Magazine. He has lectured at the American Institute of Certified Public Accountants, New YorkState Society of Certified Public Accountants, in addition to national financial institutions, and community organizations. Mr. Lipschultz has also been quoted in national publications and outlets such as Forbes, Newsweek, The Washington Times, The Wall Street Journal, and Reuters, among others, and speaks about financial planning topics on Bloomberg Television, CNBC, MSNBC, CBS Market Watch, and National Public Radio.
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Marc J. Strohl, CPA
Principal
Protax Consulting Services
Mr. Strohl specializes in international U.S. individual income taxation issues as related to individual U.S.... | Read More
Mr. Strohl specializes in international U.S. individual income taxation issues as related to individual U.S. expatriates and nonresident aliens or foreign nationals, serving individual clients as well as the employees of employer-sponsored programs of multinational public, non-profit companies and professional firms. He is a member of the AICPA and NYSSCPA’s International Taxation Committee and Taxation of Individuals Committee, and a regular contributor to the NYSSCPA’s “The Trusted Professional” and blog publications. He is featured internationally including his Published main articles in the critically acclaimed Thomson Reuters’ twice-monthly newsletter publication Practical International Tax Strategies. His industry benchmark authoritative executive summary tax articles found at: https://www.protaxconsulting.com/article/ regarding U.S. Expatriate and Foreign National-Nonresident and/ or Resident Alien tax are world renown and standard issue at the big 4 to staff and clients.
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