Residency, U.S. Source Income, Deductions, and Filing Status in Dual-Status Returns
Mechanics of Filing Both Resident and Nonresident Returns
Recording of a 110-minute CPE webinar with Q&A
This course will review the complexities of filing dual-status returns, including determining residency status, the mechanics of filing as both a resident and nonresident within the same tax year, determining U.S. source taxable income, and identifying available deductions. Advisers working with clients who reside in multiple countries or have plans to expatriate need to be familiar with U.S. residency tests and the filing requirements for dual-status returns.
- Who are dual-status taxpayers?
- Residency tests
- The mechanics of filing the return
- Nonresident filing status
- Itemized deductions and noresidents
- Foreign earned income exclusion
- Treaty benefits
- FATCA and FBAR filing
- Planning opportunities
The panel will review these and other vital issues:
- Who is a dual-status taxpayer?
- What income is considered U.S. source income?
- How to apply the substantial presence test
- When can a nonresident file other than a separate return?
- What are the mechanics of filing returns for two residency statuses within one tax year?
- What are planning opportunities available for dual-status taxpayers?
Vanessa Pascoe, CPA
The Wolf Group
Ms. Pascoe has more than 20 years’ experience serving the tax needs of high-net-worth individuals, their families... | Read More
Ms. Pascoe has more than 20 years’ experience serving the tax needs of high-net-worth individuals, their families and related entities. She began her career in Atlanta at a “Big Six” accounting firm and joined The Wolf Group in 2010. Her focus at The Wolf Group includes Overseeing the Fiduciary (Trust & Estate) and Gift Tax practices and Assisting families and their other advisors as the family plans to minimize their taxes and understand the tax impacts of their financial and estate planning.Close
Mishkin Santa, JD, LLM, TEP
International Tax Director
The Wolf Group
Mr. Santa focuses his practice on repatriation tax, as well as individual income tax compliance, estate, gift &... | Read More
Mr. Santa focuses his practice on repatriation tax, as well as individual income tax compliance, estate, gift & trust tax compliance, FBAR Assistance, foreign trust tax compliance, exit tax planning, EB-5 investor program, international assignment structuring and planning, offshore voluntary disclosure programs, foreign corporation (Subpart F, Transfer Pricing, E&P Studies), and asset protection planning. His client base includes U.S. citizens living overseas, U.S. nonresidents, EB-5 investors, U.S. domestic individuals and families, international businesses, international based families with investments in multiple jurisdictions and tax residency in multiple jurisdictions, U.S. citizens or residents who are beneficiaries of foreign trusts and who will receive gifts or inheritances from non-US persons, and trustees of trusts with U.S. grantors or U.S. beneficiaries.