Basics of Foreign Tax Reporting: Identifying Individuals' Filing Requirements
Inbound vs. Outbound Reporting Duties, Intersection Between Information Reporting and Income Calculation
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 and compliance professionals with a sound foundation for identifying foreign tax and asset information requirements for individual taxpayers. The webinar will identify reporting requirements, differentiate between inbound and outbound filing duties, and detail the intersection between information reporting, income declaration, tax computation, and credit claims.
- Overview of U.S. foreign tax regime
- Information reporting structure
- Income reporting structure for U.S. citizens with income from offshore activities
- Recent changes to the structure of foreign tax reporting
- Determining whether a taxpayer falls under U.S. tax jurisdiction
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 U.S. and other countries in identifying assets
- Thresholds for filing requirements
Alison N. Dougherty, J.D., LL.M., CPA
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.Close
Patrick J. McCormick, J.D., LL.M.
Culhane Meadows Haughian & Walsh
Mr. McCormick specializes in the areas of international taxation, tax compliance, and offshore reporting... | Read More
Mr. McCormick specializes in the areas of international taxation, tax compliance, and offshore reporting obligations. He published national articles and given numerous national and local presentations on assorted areas of tax and estate planning law, including international tax and offshore compliance issues. His latest article on PFICs is titled Tax Reporting Implications of Foreign Mutual Funds. He is licensed to practice in the States of New Jersey, Florida, and Georgia, and the Commonwealth of Pennsylvania.Close
Access Anytime, Anywhere
CPE credit is not available on downloads.