Form 1040NR Nonresident Alien Filing Challenges and Effective Approaches
Determining Taxpayer Classifications and Elections, Computing Income and Deductions, Understanding Spouse/Dependent Treatment
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 professionals with a thorough and practical guide to preparing Form 1040NR, U.S. Nonresident Alien Income Tax Return. The panel will offer useful guidance in determining which individuals should file, identifying and reporting income subject to U.S. income tax, identifying available deductions and limitations, claiming refunds, and discerning correct tax treatment of spouse and dependents.
Outline
- Defining a foreign investor
- Source-of-income rules
- Who files Form 1040NR?
- Nonresident alien standard
- Dual resident taxpayers
- Dual status taxpayers
- Impact of current tax reform on nonresident filing requirements
Benefits
The panel will tackle issues such as:
- What are the critical complexities and best practices for tax advisers in determining the classification and status of a taxpayer as a U.S. resident or nonresident alien?
- What are income items and deductions to always consider when preparing Form 1040NR?
- What is the difference between income effectively connected with a U.S. trade or business and FDAP, and how is this income reported and taxed on Form 1040NR?
- What special elections apply to a U.S. nonresident alien?
- What common mistakes can tax professionals anticipate and avoid when preparing Form 1040NR?
Faculty
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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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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