Mastering Form 1040NR U.S. Nonresident Alien Income Tax Returns

Identifying ECI and FDAP, Determining Taxpayer Classifications and Elections

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


Conducted on Wednesday, September 20, 2017
Recorded event now available


This webinar will provide tax advisers and compliance 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 is unclear.

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

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

Listen as our experienced panel provides a thorough and practical guide to identifying and meeting the unique challenges of preparing Form 1040NR, U.S. Nonresident Alien Income Tax Return.

Outline

  1. Resident alien, nonresident alien, dual-status alien and undocumented alien distinctions
  2. Determining taxpayer status
  3. Filing due dates, penalties and e-file availability
  4. Spouse and dependent treatment
  5. Elections
  6. Reporting income and claiming deductions
  7. Penalties for failing to file

Benefits

The panel will tackle issues such as:

  • What are the key challenges for tax advisers in determining classification and status of a taxpayer as a U.S. resident or nonresident alien?
  • What income items and deductions should always be considered when preparing Form 1040NR?
  • What is the difference between income effectively connected with a U.S. trade or business (ECI) and fixed, determinable, annual or periodic income (FDAP), and how is this income reported and taxed on the Form 1040NR?
  • What special elections apply to a U.S. nonresident alien?
  • Analysis of the source of Income Rules.
  • The effect of Tax Treaties the U.S. has with more than 50& countries.

Learning Objectives

After completing this course, you will be able to:

  • Determine the classification and status of a taxpayer as a U.S. resident or nonresident alien
  • Identify items of income and deduction that require specific attention when preparing a Form 1040NR for a nonresident alien
  • Discern the difference between ECI and FDAP
  • Recognize special elections available to a U.S. nonresident alien

Faculty

Marc J. Strohl, CPA, Principal
Protax Consulting Services, New York

Mr. Strohl specializes in international U.S. individual income taxation issues as related to individual U.S. expatriates and nonresident aliens or foreign nationals, serving individual clients as well as the employees of employer-sponsored programs of multinational public, non-profit companies and professional firms. He is a member of the AICPA and NYSSCPA’s International Taxation Committee and Taxation of Individuals Committee, and a regular contributor to the NYSSCPA’s “The Trusted Professional” and blog publications. He is featured internationally including his Published main articles in the critically acclaimed Thomson Reuters’ twice-monthly newsletter publication Practical International Tax Strategies. His industry benchmark authoritative executive summary tax articles found at: https://www.protaxconsulting.com/article/ regarding U.S. Expatriate and Foreign National-Nonresident and/ or Resident Alien tax are world renown and standard issue at the big 4 to staff and clients.

Lizabeth McGrath, Director
Friedman, New York

Ms. McGrath is a member of the firm’s International Tax group. She is experienced providing a range of services to high-net-worth individuals and families. She consults with clients on both domestic and international income tax planning, and on trust and estate tax planning, with an emphasis on cross-border issues. She is an expert on foreign bank and asset reporting for U.S. individuals and for foreign nationals living and working in the U.S. She is well versed in investment, net worth and cash flow accounting for high-net-worth individuals.


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Program Materials

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Program Materials

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EA Credit

Strafford is an IRS approved continuing education provider and this course is approved for 2 enrolled agent (EA) credit hours.

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Customer Reviews

The conference was technical, informative and presented at a good pace.

Krystal Ching

KMH

Excellent seminar! It was efficient and the important topics were covered at just the right pace; no time was wasted covering information that the participants already knew.

Rhonda G. Williams, CPA

Barraclough & Associates

I appreciated the flow of the information offered and the ease at which I could follow the handouts.

Larry Bruck

WISS & Company

I liked the fact that there was more than one person presenting the material. It's nice to hear multiple perspectives.

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Cover & Rossiter

I loved the tools and handouts. Every CPE class should offer these kind of tools.

Jackie Meyer

Sample and Bailey

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