Target Audience: CPAs, EAs, RTRPs
Field of Study: Taxation (NASBA); Federal Tax (IRS)
Seminar Level: Beginner
IMPORTANT INFORMATION REGARDING CPE CREDIT: THE IRS RETURN PREPARER OFFICE ACCEPTS THIS SEMINAR FOR ONE (1) CONTINUING PROFESSIONAL EDUCATION (CPE) CREDIT FOR ENROLLED AGENTS (EA). IF YOU ARE NOT AN ENROLLED AGENT, PLEASE CONSULT WITH YOUR RESPECTIVE STATE LICENSING AGENCY REGARDING ACCEPTABILITY OF THIS CREDIT.
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 AUGUST 4, 2009, AND THE INFORMATION WAS CORRECT AT THE TIME OF RECORDING.
The Large Business & International operating division delivered this seminar at the Orlando Nationwide Tax Forum in August 2009.
With the economic slowdown and lower interest rates in the U.S., foreign persons and U.S. corporations are frequently entering into transactions involving the buying and selling of U.S. real property interests. This LMSB seminar presents information on how tax withholding and reporting laws affect these transactions. This presentation also includes information on the concept of U.S. real property holding corporations, the special withholding requirements for domestic and foreign partnerships with foreign partners and how to handle payments of fixed, determinable, annual, and periodic income to foreign persons.
By the end of this presentation you will:
- recognize the withholding requirements on US source income to foreign corporations, foreign partnerships, foreign estates and trusts and other foreign entities.
- differentiate between withholding on payments to individuals, to foreign corporations and other foreign entities.
- identify the different types of US source income and the code sections that govern withholding on payments to foreign entities.
- learn the withholding agent's roles and responsibilities are when making payments to foreign persons or entities.
- understand what documentation is required for beneficial owners, effectively connected income and intermediaries.
No prerequisites or advanced preparation are required for this seminar.