Basics of Foreign Outbound Tax Reporting: Identifying Income Tax and Information Return Reporting Requirements

An Introduction to Forms 1116, 2555, 8938,5471, 8865, 8858, 8621, 926 and the FBAR

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, August 23, 2022

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Course Materials

This course will provide tax advisers and professionals with a sound foundation for identifying foreign tax and asset information requirements for outbound transactions. The webinar will identify reporting requirements, explain outbound filing duties, and detail the intersection between information reporting, income declaration, tax computation, and credit claims.

Description

With the sweeping changes, Congress and Treasury continue to make to the reporting requirements of cross-border activities by taxpayers subject to U.S. tax jurisdiction, it is more critical than ever for tax professionals to have a thorough grounding of the foundations of the foreign tax filing regime. The IRS has indicated that tracking compliance with foreign outbound information and income filing rules is among its highest priorities.

The framework of foreign tax reporting is intricate and complex by its very structure. Despite some movement toward a territorial tax regime, the U.S. stands virtually alone among developed nations in imposing income tax on its citizens, long-term residents, and green card holders as it applies to global income. Generally, the U.S. follows other countries' practices of taxing nonresidents with income that can be sourced to the United States but with numerous exceptions, some of which are more stringent than that of other countries.

The foreign tax reporting regime consists of two major components: assets/holdings and income. Taxpayers subject to U.S. tax filings must report what they own and what they earn no matter the source or location derived. However, determining whether a U.S. taxpayer has filing requirements can present a challenge to even seasoned tax advisers. So it is helpful to examine the reach of the taxing regime in terms of outbound (U.S. citizens and residents with activities outside the United States) activities.

Listen as our expert panel provides a solid grounding in the basics of outbound foreign tax reporting, the identification of reporting requirements, thresholds, and rules as it applies to U.S. taxpayers.

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Outline

  1. Overview of U.S. tax regime
  2. Determining whether a taxpayer falls under U.S. tax jurisdiction
  3. Informational reporting requirements
  4. Income reporting requirements for U.S. taxpayers with income from offshore activities
  5. How recent legislative changes affect the structure of foreign tax reporting

Benefits

The panel will discuss these and other relevant topics:

  • How the U.S. foreign tax reporting regime is structured for outbound activities
  • Types of information filings and how they intersect with one another
  • Coordination between U.S. and other countries in identifying assets
  • Foreign reporting requirements of U.S. taxpayers

Faculty

Guis, Samantha
Samantha Guis
PCS International Senior Manager
Eisner Advisory Group

Ms. Guis is a Tax Senior Manager in the International Tax Services Group, with nearly 10 years of experience in the...  |  Read More

Halpern, Matthew
Matthew Halpern, CPA, MST
STS-Int'l Senior Manager
BDO USA

Mr. Halpern is a Senior Manager in the International Tax Services group at BDO. With over 10 years of experience, he...  |  Read More

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