Mastering Form 1040NR U.S. Nonresident Alien Income Tax Returns
Identifying ECI and FDAP, Determining Taxpayer Classifications and Elections
Recording of a 110-minute CPE webinar with Q&A
This course will provide tax advisers and compliance 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
- Resident alien, nonresident alien, dual-status alien and undocumented alien distinctions
- Determining taxpayer status
- Filing due dates, penalties and e-file availability
- Spouse and dependent treatment
- Elections
- Reporting income and claiming deductions
- Penalties for failing to file
Benefits
The panel will tackle issues such as:
- What are the key challenges for tax advisers in determining classification and status of a taxpayer as a U.S. resident or nonresident alien?
- What income items and deductions should always be considered when preparing Form 1040NR?
- What is the difference between income effectively connected with a U.S. trade or business (ECI) and fixed, determinable, annual or periodic income (FDAP), and how is this income reported and taxed on the Form 1040NR?
- What special elections apply to a U.S. nonresident alien?
- Analysis of the source of Income Rules.
- The effect of Tax Treaties the U.S. has with more than 50& countries.
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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Lizabeth McGrath
Director
Friedman
Ms. McGrath is a member of the firm’s International Tax group. She is experienced providing a range of services... | Read More
Ms. McGrath is a member of the firm’s International Tax group. She is experienced providing a range of services to high-net-worth individuals and families. She consults with clients on both domestic and international income tax planning, and on trust and estate tax planning, with an emphasis on cross-border issues. She is an expert on foreign bank and asset reporting for U.S. individuals and for foreign nationals living and working in the U.S. She is well versed in investment, net worth and cash flow accounting for high-net-worth individuals.
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