As our employment, investing, and retirement environments become more global and increase in complexity, accountants need to know the tax issues facing foreign nationals who live and work in the U.S. In this CPE course, you will explore tax issues related to cross border employment, business, and investment activities of non-resident aliens and dual-status individuals, and the opportunities to minimize the potential for double taxation by two or more countries.
- Issues facing foreign nationals living in the U.S. including residency classification, taxation of resident and nonresident aliens, and tax treaty benefits
- Tax planning opportunities and filing requirements facing foreign nationals living in the U.S.
- Responsibility for reporting existence of foreign financial assets
- Foreign investment in U.S. real property
- Overview of estate and gift tax issues for nonresident and resident aliens
- Taxation of employees of foreign governments and international organizations
When you complete this course, you will be able to:
- Recognize how U.S. residency is determined under the green card test and the substantial presence test.
- Recognize a dual-status alien and the special tax rules and elections that apply to a dual-status alien.
- Identify how the source of income affects the taxation of alien individuals.
- Recognize which types of income are included as fixed or determinable, annual or periodical (FDAP) income.
- Identify the activities of a nonresident alien that determine whether income is to be treated as effectively connected income (ECI).
- Identify nonresident alien compliance issues and recognize the limitations that apply to filing status, personal exemptions, and deductions.
- Identify the restrictions that apply to dual-status aliens for filing status, personal exemptions, deductions, and credits.
- Recall the requirements that must be met for an employee of a foreign government or an international organization to qualify for the exclusion.
- Identify income that is not available for the exemption.
Advanced Preparation: None