About the Course
Introduction
This course 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 eligibility, including the required tests to qualify for income and housing exclusions, preparation of Form 2555, Foreign Earned Income.
Description
Qualifying U.S. citizens and residents working outside the U.S. may exclude a portion of their foreign earned income under Section 911. Also, qualifying individuals may elect to exclude an amount for housing from taxable income.
Tax advisers should carefully evaluate potential tax benefits from electing the foreign earned income and housing cost exclusions or deductions. Applying U.S. and foreign Social Security rules is particularly complex, especially concerning totalization agreements. Advisers must consider the initial election and analyze the realistic prospects of utilizing excess foreign tax credits.
Listen as our experienced panel explores filing Form 2555, Foreign Income Exclusion, including eligibility and applying for recently released relief for individuals affected by the pandemic.
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BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.
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BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).
Date + Time
- event
Monday, November 21, 2022
- schedule
1:00 p.m. ET./10:00 a.m. PT
- Review of foreign earned income exclusion
- Tax Home Test
- Bona Fide Residence Test
- Physical Presence Test
- Housing cost exclusions or deductions
- Completing Form 2555
- Issues with foreign tax credits
- Discussion of Form 114 FBAR and Form 8938 FATCA compliance
- Social Security and totalization agreements
The panel will review these and other key issues:
- Eligibility for the foreign earned income and housing exclusions
- Complying with requirements for housing cost exclusions and deductions
- Planning with foreign tax credits
- Comprehending Social Security totalization agreements
Learning Objectives
Upon completing this webinar, you will be able to:
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Determine eligibility for the foreign earned income and housing exclusions.
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Identify foreign tax credits available.
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Differentiate among the tax home test, bona fide residence test, and physical presence test.
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Comprehend Social Security totalization agreements.
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Verify that taxpayers need to file Forms 8938 and FBAR Form 114.
- Field of Study: Taxes
- Level of Knowledge: Intermediate
- Advance Preparation: None
- Teaching Method: Seminar/Lecture
- Delivery Method: Group-Internet (via computer)
- Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
- Prerequisite:
Three years + business or public firm experience at mid-level within the organization, preparing complex tax forms and schedules, supervising other preparers/accountants. Specific knowledge and understanding of foreign earned income, Form 2555, tax treaties, foreign earned income exclusion, the tax home test, bona fide residence test, and physical presence test; familiarity with foreign housing exclusion, moving expenses, FBAR Form 114 and FATCA Form 8938.
BARBRI, Inc. 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 Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.
BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).
BARBRI CE webinars-powered by Barbri-are backed by our 100% unconditional money-back guarantee: If you are not satisfied with any of our products, simply let us know and get a full refund. Contact us at 1-800-926-7926 .
