Foreign Earned Income: Form 2555 Exclusion Reporting and Other Tax Issues for Expat Workers
Navigating Tax Treaties, Social Security Totalization Agreements, and Other Complexities
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 elections and procedures that may have significant income tax consequences for the worker and, in some cases, the sponsoring employer.
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:
- Understanding the foreign earned income exclusion
- Complying with requirements for housing cost exclusions and deductions
- Planning with foreign tax credits
- Compliance with Form 114 FBAR and Form 8938 FATCA requirements
- Comprehending Social Security totalization agreements
Faculty
Stephen Flott
Principal
Flott & Co.
Mr. Flott advises businesses, individuals and non-profits on a wide range of international business and tax... | Read More
Mr. Flott advises businesses, individuals and non-profits on a wide range of international business and tax matters, including U.S. taxation of international business and transportation, of U.S. citizens residing overseas, of foreign estates with U.S. property, and of foreign persons and companies with U.S. income or property. He also assists clients with U.S. regulation of international shipping, trucking, bus and freight forwarding operations. He also focuses on U.S. citizenship issues, including expatriation and associated tax issues, and the special compliance challenges associated with long term non-filing of U.S. tax returns and financial reports by U.S. citizens who reside overseas.
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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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