On the second Friday of every month, HodgenLaw hosts a lunch where we present on a specific topic in International tax for an hour.
Join us via webinar to get your monthly fix of International Tax! You can even receive CE credit for participating. Contact Tracy Ho at firstname.lastname@example.org for further information.
Foreign mutual funds typically are classified as passive foreign investment companies (PFICs) for US tax purposes. PFICs have a notoriously punitive tax treatment. Learn why foreign mutual funds are PFICs, and how to compute income and tax under the default method of PFIC taxation. Lastly, learn how to prepare Form 8621 to report income from foreign mutual funds.
When: April 20, 2018 at 12 PM PST
Presenter: Debra Rudd
Promo Code to join Webinar for free (no CPE or MCLE credit provided): INTTAXCall-In Participation
When: June 7th, 2017 8:30AM – 12:30PM
Where: Webcast hosted by CALCPA
Americans Abroad: The Foreign Earned Income Exclusion
Presenter: Philip Hodgen
Time: 8:30 AM – 9:30AM
The Foreign Earned Income Exclusion and related housing deduction/exclusion are ways Americans abroad can reduce or eliminate their U.S. income tax liability. Qualifying for these benefits, however, is complicated and understanding what is considered an exclusion can be unclear. Learn how to determine whether individuals qualify for the Foreign Earned Income Exclusion and how to prepare form 2555.
Americans Abroad: Foreign Retirement Accounts
Presenter: Haoshen Zhong
Time: 9:30AM – 10:30AM
The default U.S. tax treatment of a foreign retirement account is likely to be a nonqualified plan, but this can cause unexpected income tax consequences for the unsuspecting taxpayer. In some cases, an income tax treaty election can solve the problem and cause the foreign retirement account to be treated like a domestic tax-deferred qualified pension plan. Analyze a foreign retirement account to determine the appropriate U.S. tax treatment; learn how to comply with the reporting requirements; and identify when a treaty provides tax benefits for the plan and how to claim the treaty election on Form 8833.
Americans Abroad: Passive Foreign Investment Companies
Presenter: Debra Rudd
Time: 10:30AM – 11:30AM
Tax and reporting rules for a Passive Foreign Investment Company (PFIC) can be complicated and confusing. Review how to determine if you have a PFIC by applying the PFIC definition, look-through rules and the attribution rules.
Additionally, look at the different ways in which taxes apply to PFICs and whether they fall under the default rules of IRC Sec. 1291—the Mark-to-Market election or the QEF rules. Review examples of how to perform the calculations and prepare the forms under each of the three methods of taxation. Lastly, learn the “once a PFIC, always a PFIC” rule and the available purging elections for a PFIC if discovered too late.
Americans Abroad: Special Compliance Requirements and Fixing Problems
Presenter: Phil Hodgen
Time: 11:30AM – 12:30PM
Learn about special tax reporting and compliance duties facing Americans abroad or those who own foreign assets. Review IRS programs available to clients who previously did not file informational returns and now want to comply with IRS reporting requirements.
Even routine mutual funds and estate planning may trigger tax and penalty liabilities. Your client’s responsibilities as an employee of a foreign company may trigger disclosure requirements. Explore various investment, business and trust structures that clients could have in their foreign countries and related information reporting requirements.