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Avoiding Foreign Tax Credit Errors and Maximizing Opportunities: Maximizing the FTC

Deductions vs. Credits, Paid vs. Accrued Taxes, Interaction With Section 911, Carrybacks

Note: CLE credit is not offered on this program

Recording of a 110-minute CPE webinar with Q&A

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Conducted on Tuesday, September 12, 2023

Recorded event now available

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This webinar will look at opportunities to maximize the foreign tax credit (or deduction) for individual taxpayers. Our panel of global tax specialists will walk international tax advisers through common foreign tax credit scenarios and explain the steps to take to maximize this lucrative credit.

Description

Utilizing foreign tax credits is critical to avoid double taxation of Individual taxpayers working, investing, or living across international borders. In addition to common errors, which could include applying the credit to ineligible taxes, improper completion of Form 1116, Foreign Tax Credit, or miscalculations, are overlooked opportunities to increase the benefit of the foreign tax credit.

Too often, tax preparers routinely take advantage of the foreign earned income exclusion under IRC Section 911 and fail to consider the higher tax rates imposed by other countries. Additionally, many circumstances warrant taking a deduction for foreign taxes. Here too, practitioners sometimes fail to realize foreign income taxes are not subject to the $10,000 tax deduction cap. International tax practitioners must understand key considerations when applying for these credits.

Listen as our panel of international tax experts explores the errors and oversights to avoid when calculating foreign tax credits for international taxpayers.

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Outline

  1. Foreign tax credits: introduction
  2. Qualified foreign taxes
  3. Deduction vs. credit
  4. Paid vs. accrued
  5. Utilizing carrybacks
  6. Interaction with Section 911, foreign earned income exclusion
  7. Other considerations

Benefits

The panel will cover these and other critical issues:

  • Common errors made when completing Form 1116
  • Comparing the benefits of the foreign earned income exclusion and the foreign tax credit
  • Circumstances where the foreign deduction is more valuable than the foreign tax credit
  • Choosing the paid or the accrual method for foreign taxes
  • Taking advantage of creditable foreign tax carryovers

Faculty

Cole, Clarissa
Clarissa Cole
Managing Director
Andersen

Ms. Cole has over 25 years of experience with tax issues related to globally mobile workforces and international tax...  |  Read More

Meyer, Keith
Keith Meyer
Partner
Andersen

Mr. Meyer is a Partner in the Private Client group at Anderson LLP who advises clients on a wide range of US and UK...  |  Read More

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