Target Audience: CPAs, EAs, Annual Filing Season Program Participants
Field of Study: Taxation (NASBA); Federal Tax/Tax Related Matters (IRS)
Seminar Level: Beginner
IMPORTANT INFORMATION REGARDING CONTINUING EDUCATION CREDIT: THE IRS ACCEPTS THIS SEMINAR FOR ONE (1) CONTINUING EDUCATION CREDIT FOR ENROLLED AGENTS (EA) AND ANNUAL FILING SEASON PROGRAM (afsp) PARTICIPANTS. Others, PLEASE CONSULT WITH YOUR RESPECTIVE STATE LICENSING AGENCY REGARDING ACCEPTABILITY OF THIS CREDIT.
Note: the credit received from this seminar qualifies as continuing education that is required to obtain the voluntary AFSP – record of completion. however, this website does not offer the AFSP annual federal tax refresher (AFTR) course.
IRS COMMUNICATIONS AND LIAISON IS REGISTERED WITH THE NATIONAL ASSOCIATION OF STATE BOARDS OF ACCOUNTANCY (NASBA) AS A SPONSOR OF CONTINUING PROFESSIONAL EDUCATION ON THE NATIONAL REGISTRY OF CPE SPONSORS. STATE BOARDS OF ACCOUNTANCY HAVE FINAL AUTHORITY ON THE ACCEPTANCE OF INDIVIDUAL COURSES FOR CPE CREDIT. COMPLAINTS REGARDING REGISTERED SPONSORS MAY BE SUBMITTED TO THE NATIONAL REGISTRY OF CPE SPONSORS THROUGH ITS WEBSITE: WWW.LEARNINGMARKET.ORG
DISCLAIMER: THIS SEMINAR WAS FILMED IN New Orleans, LOUISIANA, ON JULY 28, 2016, AND THE INFORMATION WAS CORRECT AT THE TIME OF RECORDING.
The IRS Large Business and International Division presented this seminar at the 2016 IRS Nationwide Tax Forum.
This session is designed to provide an overview and update of the changes within foreign information reporting, including upcoming form changes (i.e., Form 1042-S), an overview of the Pro-Rata Refund Regulations (IRC Section 33 Regulations as identified in Notice 2015-10) and a discussion of Foreign Investment in Real Property Tax Act (FIRPTA) taxation requirements. With respect to FIRPTA, this session will include the identification of FIRPTA transactions, exceptions to FIRPTA including the non-recognition provisions, FIRPTA withholding requirements and withholding certificates.
By the end of this presentation, you will be able to:
• Recognize why foreign taxes cannot be used to claim both a foreign credit and deduction
• Determine what constitutes a creditable tax
• Identify the application of treaty provisions that result in reduced creditable foreign taxes
• Recall adjustments to foreign source income & why they are important
• Recognize and define Foreign Tax Redeterminations
No prerequisites or advanced preparation are required for this seminar.