Foreign Earned Income: Form 2555 Exclusion Reporting and Other Tax Issues for Expat Workers

Navigating Tax Treaties, Social Security Totalization Agreements, and Other Complexities

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


Conducted on Tuesday, February 23, 2016

Recorded event now available

or call 1-800-926-7926
Program Materials

This webinar will provide tax advisers and preparers with an in-depth review of complex income tax considerations related to Americans working abroad. The panel will explore elections and procedures that may have significant income tax consequences for the worker and, in some cases, the sponsoring employer.

Description

Qualifying U.S. citizens and residents working outside the U.S. may exclude a portion of their foreign earned income under Sect. 911. In addition, qualifying individuals may elect to exclude a housing cost amount from taxable income.

However, tax advisors should carefully evaluate potential tax benefits derived from electing the foreign earned income and housing cost exclusions. Advisors must consider the initial election and analyze the realistic prospects of utilizing excess foreign tax credits.

Working abroad triggers other income tax-related issues, including travel and moving expenses, itemized deductions, and tax treaty requirements. Applying U.S. and foreign Social Security rules is particularly complex, especially with respect to totalization agreements.

Listen as our experienced panel explores difficulties arising from tax preparation for Americans working abroad that often even confound experienced tax professionals.

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Outline

  1. Review of foreign earned income exclusion and Form 2555
    1. Terms and tax issues
  2. Housing cost exclusions
  3. Issues with foreign tax credits
  4. Social Security and totalization agreements

Benefits

The panel will review these and other key issues:

  • Understanding the foreign earned income exclusion
  • Complying with requirements for housing cost exclusions
  • Planning with foreign tax credits
  • Making sense of complex tax treaties
  • Comprehending Social Security totalization agreements

Faculty

Paul W. Jones, CPA
Paul W. Jones, CPA

Atty
Hale & Wood

Mr. Jones's practice deals with a broad range of expatriate tax, international tax, 1031 exchange and similar...  |  Read More

Misey, Robert
Robert J. Misey, Jr.

Shareholder
Reinhart Boerner Van Deuren

Mr. Misey is attached to the firm's Tax and Business Law Practices, and chairs its International Practice. He...  |  Read More

Strohl, Marc (new)
Marc J. Strohl, CPA

Principal
Protax Consulting Services

Mr. Strohl specializes in international U.S. individual income taxation issues as related to individual U.S....  |  Read More

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