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U.S. citizens and green card holders are taxable on worldwide income. Terminating citizenship or resident status means Uncle Sam can no longer collect tax from them. Predictably, there are tax hurdles to surmount before being free of the U.S. tax system. Receive an introduction to the exit tax rules: who is caught by them? What are the paperwork requirements? Who must pay tax for the privilege of exiting the U.S. tax system?
Presenter: Debra Rudd
Materials: Dropbox
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Tax planning gets complicated when you are working with a nonresident coming to the U.S. to work for a while. You need to plan for the transition from nonresident to resident (with different rules for income tax and estate/gift tax), a period of years while the individual is a U.S. resident, followed by an expected return to nonresident status.
Identifying the issues early helps you to minimize tax costs and U.S. tax compliance costs. This session will walk you through the questions that come up—and how to address them—when a foreign executive or other individual comes to the United States as a long-term but temporary resident.... continue reading
When someone becomes a U.S. person for tax purposes mid-year or ceases to be a U.S. person for tax purposes mid-year, they may be eligible to file a dual-status return. A dual-status return reports income for part of the year as a resident and part of the year as a nonresident. Learn how to identify the transition date; how income, exemptions, deductions and credits work on dual-status returns; how the foreign earned income exclusion can be applied; and how to prepare a dual-status return.
Presenter: William Shiraga
Materials: Dropbox
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When a U.S. person owns interest in a foreign corporation or has some other relation with a foreign corporation, they may need to file an information return: Form 5471. Learn the conditions under which Form 5471 is required, attribution rules and what is required.
Presenter: Debra Rudd
Materials: Dropbox
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U.S. shareholders of foreign corporations have a new pass-through income category to contend with: GILTI. Except for capital-intensive companies, this has the effect of making foreign operating income immediately taxable to U.S. shareholders.
This session explores the new rules. What is GILTI? How will it affect U.S. shareholders? What countermeasures are available?
Presenter: Phil Hodgen
Materials: Dropbox
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