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Form 1040NR Nonresident Alien Filing Challenges and Effective Approaches

Determining Taxpayer Classifications and Elections, Computing Income and Deductions, Understanding Spouse/Dependent Treatment

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, February 8, 2022

Recorded event now available

or call 1-800-926-7926

This course will provide tax advisers and professionals with a thorough and practical guide to preparing Form 1040NR, U.S. Nonresident Alien Income Tax Return. The panel will offer useful guidance in determining which individuals should file, identifying and reporting income subject to U.S. income tax, identifying available deductions and limitations, claiming refunds, and discerning correct tax treatment of spouse and dependents.

Description

Form 1040NR, U.S. Nonresident Alien Income Tax Return, presents several daunting challenges for tax advisers and compliance professionals. Just deciding whether a foreign person needs to file a Form 1040NR can be a minefield.

The adviser's determination of whether a person is a resident, nonresident, dual-status, or undocumented alien is critical in this evaluation. Immigration laws may impact the tax liability of certain nonresident aliens and individuals who are not citizens but reside in the United States.

Advisers must also know available elections, deductions, limitations, reporting income and claim refunds, treatment of spouse and dependents, and filing due dates and noncompliance penalties. As with other foreign-related filings, the IRS may impose penalties for failure to timely file Form 1040NR even if the taxpayer has no tax liability.

The Service redesigned Form 1040NR to incorporate recent tax legislation. The Form mirrors the format of Forms 1040 and 1040-SR. Tax practitioners no longer have the more straightforward Form 1040-NR-EZ, and the 1040NR now has its own Schedule A.

Listen as our experienced panel provides tax advisers and professionals with a thorough and practical guide to managing the unique challenges in preparing Form 1040NR, U.S. Nonresident Alien Income Tax Return.

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Outline

  1. Defining a foreign investor
  2. Source-of-income rules
  3. Who files Form 1040NR?
    1. Nonresident alien standard
    2. Dual resident taxpayers
    3. Dual status taxpayers
  4. Impact of current tax reform on nonresident filing requirements

Benefits

The panel will tackle issues such as:

  • What are the critical complexities and best practices for tax advisers in determining the classification and status of a taxpayer as a U.S. resident or nonresident alien?
  • What income items and deductions to always consider when preparing Form 1040NR
  • What is the difference between income effectively connected with a U.S. trade or business and FDAP, and how is this income reported and taxed on Form 1040NR?
  • What special elections apply to a U.S. nonresident alien?
  • What common mistakes can tax professionals anticipate and avoid when preparing Form 1040NR?

Faculty

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

Lipschultz, Brent
Brent Lipschultz

Partner
Eisner Advisory Group

Mr. Lipschultz has over 25 years of experience and is a leader in the firm’s International Wealth Planning Team....  |  Read More

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