Outbound Foreign Income Tax Reporting Basics: Filing Requirements and Thresholds
Reconciling Income, Credits and Treaty Benefits, Foreign Entity Classification, GILTI
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 with a guide to the framework of reporting foreign income and its accompanying tax obligations. The panel will detail the tax treatment of various classes of income, describe the remaining framework of deferral opportunities, credits for foreign taxes paid, tax treaties, and other preferences. The webinar will discuss tying income types to form requirements on a macro level.
Outline
- Overview of U.S. foreign tax regime
- Types of outbound activities and required tax treatment
- Reporting requirements for earned income
- Tax treatment of investment income
- How to report income and tax from foreign trusts or estates
- Determining whether a taxpayer falls under U.S. tax jurisdiction
- Foreign tax credits, income, and profit shifting
Benefits
The panel will discuss these and other relevant topics:
- How the U.S. foreign tax reporting regime is structured for both inbound and outbound activities
- Types of information filings and how they intersect with one another, and with income filings
- Coordination between the U.S. and other countries in identifying assets
- Thresholds for filing requirements
Faculty
Alison N. Dougherty, J.D., LL.M., CPA
Partner
Aronson
Ms. Dougherty specializes in U.S. international tax reporting, compliance, consulting, planning, and structuring as a... | Read More
Ms. Dougherty specializes in U.S. international tax reporting, compliance, consulting, planning, and structuring as a significant contributor to the firm’s international tax practice. She has extensive experience assisting clients with U.S. tax reporting and compliance for offshore assets and foreign accounts. Ms. Dougherty provides outbound U.S. international tax guidance to U.S. individuals and businesses with activities in other countries. She also provides inbound U.S. international tax guidance to nonresident individuals and businesses with activities in the U.S. Ms. Dougherty has counseled U.S. taxpayers regarding the outbound formation, capitalization, acquisition, operation, reorganization, and liquidation of foreign companies. She has significant experience with U.S. federal nonresident tax withholding, foreign partner tax withholding, and FIRPTA withholding. She works closely with nonresident individuals and businesses regarding inbound U.S. real property investment. Additionally, Ms. Dougherty has assisted U.S. taxpayers with IRS amnesty program disclosures of offshore assets and foreign accounts.
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Jordan Reichelt, CPA
CPA
Spott Lucey & Wall
Mr. Reichelt provides accounting and compliance services to various businesses including multistate professional... | Read More
Mr. Reichelt provides accounting and compliance services to various businesses including multistate professional service corporations, closely held corporations, foreign corporations, limited liability companies, and partnerships, etc. He works with clients on international business and tax affairs, handling matters for foreign corporations investing in or owning United States businesses, foreign citizens working in the United States, as well as U.S. citizens and residents working abroad.
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