DESCRIPTION
In this module, we discuss various foreign tax issues. Specifically, we discuss the foreign tax credit and the foreign earned income exclusion in detail. In addition, we look at the FBAR rules and FATCA rules for foreign financial account reporting. The module also includes an introductory exploration of foreign provisions of the TCJA and various U.S. Tax treaties. The module ends with a comprehensive case study of a U.S. resident alien.
LEARNING OBJECTIVES
- Discuss Schedule K-2 and K-3 and the applicable filing exceptions.
- Discuss the foreign tax credit rules.
- Review the foreign-earned income exclusion.
- Calculate the foreign tax credit and foreign earned income exclusion.
- Compare and contrast the FBAR, FATCA, and other reporting requirements.
- Discuss the various U.S. income tax treaties.
