The Foreign Tax Credit for Individuals
Target Audience: CPAs, EAs, RTRPs
Field of Study: Taxation (NASBA); Federal Tax (IRS)
Seminar Level: Beginner
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 ORLANDO, FLORIDA, ON JULY 13, 2011, AND THE INFORMATION WAS CORRECT AT THE TIME OF RECORDING.
The Large Business and International operating division delivered this seminar at the IRS Nationwide Tax Forum in Orlando, Florida, in July 2011.
Each year, more and more U.S. citizens and residents are taking advantage of globalization to live, work and invest overseas. The result is the payment of income taxes abroad, as well as in the U.S. This session will cover one U.S. tax provision that helps prevent the double taxation of the related foreign income. Learn more about the sometimes complex rules of the foreign tax credit for individuals, including current compliance issues and instructions on how to complete the Form 1116.
By the end of this presentation you will:
- Find out who is eligible for the foreign tax credit
- Know how to claim the credit for individuals using Form 1116, Foreign Tax Credit
- Understand the difference between passive category income and general category income
- Learn the foreign tax credit limitation formula
No prerequisites or advanced preparation are required for this seminar.