Outbound Foreign Income Tax Reporting Basics: Filing Requirements and Thresholds

Reconciling Income, Credits and Treaty Benefits, Foreign Entity Classification, GILTI

Note: CLE credit is not offered on this program

A live 110-minute CPE webinar with interactive Q&A


Tuesday, December 10, 2019

1:00pm-2:50pm EST, 10:00am-11:50am PST

or call 1-800-926-7926

This webinar will provide tax advisers with a guide to the framework of reporting foreign income and its accompanying tax obligations. The panel will detail the tax treatment of various classes of income, describe the remaining framework of deferral opportunities, credits for foreign taxes paid, tax treaties, and other preferences. The webinar will discuss tying income types to form requirements on a macro level.

Description

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

Despite some movement toward a territorial tax regime, the U.S. stands virtually alone among developed nations in taxing foreign-sourced income earned or received by U.S. resident taxpayers. Determining whether a U.S. taxpayer has filing requirements can present a challenge to even seasoned tax advisers. This makes it helpful to examine the reach of the taxing regime in terms of outbound (U.S. taxpayers with activities located or sourced outside the United States) to identify tax obligations.

The framework of reporting obligations for outbound receipts is highly dependent on numerous factors. Because foreign-situs entities operate under laws often significantly different from U.S. business law, taxpayers with outbound activities must identify the U.S. tax classification of those companies to determine the proper U.S. tax treatment and reporting duties required by the activities.

Listen as our expert panel provides a solid grounding in the basics of the income tax reporting of outbound activities by U.S. taxpayers.

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Outline

  1. Overview of U.S. foreign tax regime
  2. Types of outbound activities and required tax treatment
  3. Reporting requirements for earned income
  4. Tax treatment of investment income
  5. How to report income and tax from foreign trusts or estates
  6. Determining whether a taxpayer falls under U.S. tax jurisdiction
  7. Foreign tax credits, income, and profit shifting

Benefits

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 the U.S. and other countries in identifying assets
  • Thresholds for filing requirements

Faculty

Dougherty, Alison
Alison N. Dougherty, J.D., LL.M.

Director, Tax Services
Aronson

Ms. Dougherty specializes in U.S. international tax reporting, compliance, consulting, planning, and structuring as a...  |  Read More

Reichelt, Jordan
Jordan Reichelt

CPA
Spott Lucey & Wall

Mr. Reichelt provides accounting and compliance services to various businesses including multistate professional...  |  Read More

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