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

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

Note: CLE credit is not offered on this program

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


Conducted on Tuesday, July 9, 2019

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. Also, qualifying individuals may elect to exclude a housing cost amount from taxable income.

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

Working abroad triggers other issues--including compliance with Form 114 FBAR and Form 8938 FATCA requirements. Applying U.S. and foreign Social Security rules is particularly complex, especially concerning totalization agreements.

Listen as our experienced panel explores and provides their perspectives on the difficulties arising from tax preparation for Americans working abroad that often confound tax professionals.

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Outline

  1. Review of foreign earned income exclusion
  2. Tax Home Test
  3. Bona Fide Residence Test
  4. Physical Presence Test
  5. Housing cost exclusions or deductions
  6. Completing Form 2555
  7. Issues with foreign tax credits
  8. Discussion of Form 114 FBAR and Form 8938 FATCA compliance
  9. 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 and deductions
  • Planning with foreign tax credits
  • Compliance with Form 114 FBAR and Form 8938 FATCA requirements
  • Comprehending Social Security totalization agreements

Faculty

Flott, Stephen
Stephen Flott

Principal
Flott & Co.

Mr. Flott advises businesses, individuals and non-profits on a wide range of international business and tax...  |  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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