Thursday Nov 9 – The Canadian In America
A 2-hour session designed to give you specific tax treatments for Canadians with US tax obligations. This will include the Canadian working temporarily in the US, the Canadian who has moved to the US and the American with Canadian accounts and assets. You will learn how to identify and report types of Canadian accounts that require special treatment, the US & Canadian tax treatment of various types of income and how to use certain strategies to give your client the best overall outcome.
Thursday Nov 9 – PFICs: Identification, reporting, elections
A 2-hour primer on passive foreign investment companies- what are they, how are they taxed, what are the various elections and what do they mean for the taxpayer. We will also cover the information reporting obligations imposed under IRS 1298(f).
Friday Nov 10 – PFIC / 8621 Case Study
A 2-hour session on preparing Form 8621. Hands on form completion scenarios including 1291 default taxation, mark to market, unreversed inclusions, and QEF. You will also learn where the resulting numbers end up on Form 1040. A must attend for anyone who works with Form 8621.