Compass Tax Educators is hosting nine webinars on international tax issues.
All events below start at 2:00 PM ET and offer 2 CE for EAs and 2 CPE for CPAs.
If you want to attend multiple events, we are offering bundle savings:
- Buy 3-5 events in the series and get 10% off your entire purchase. Use promo code 3events when selecting your tickets.
- Buy 6-8 events in the series and get 15% off your entire purchase. Use promo code 6events when selecting your tickets.
- Buy ALL 9 events in the series and get 20% off your entire purchase. Use promo code 9events when selecting your tickets.
Series 1 – Fundamentals of International Tax
9/18: Introduction to International Tax – Mary Beth Lougen, EA, USTCP (IRS Program Number NMVBP-T-00107-18-O)
This session will review some of the fundamental concepts in international taxation: U.S. residency rules, sourcing rules, the taxation of U.S. source income of nonresident aliens, and how international agreements, such as tax treaties, affect these issues. We will look “beyond the forms” to discuss strategies to simplify and reduce U.S. tax and reporting obligations.
- Determine whether an individual is a resident for U.S. tax purposes.
- Identify the U.S. tax return filing requirements for U.S. residents and nonresident aliens.
- Determine whether income is U.S. source or foreign source.
- Identify if and how nonresident aliens are taxed on U.S. source income.
- Interpret basic provisions of various international agreements and their general application.
9/25: Foreign Asset Reporting and Compliance – Thomas Gorczynski, EA, USTCP (IRS Program Number NMVBP-T-00108-18-O)
Taxpayers with foreign assets have a multitude of potential U.S. reporting requirements, some of which involve no additional tax liability, but incur steep penalties for non-compliance. In this session, we will focus on accurate preparation of the FBAR and Form 8938 but also review the most common international information returns and their filing requirements.
- Identify what foreign assets are reportable on the FBAR and Form 8938.
- Identify potential foreign asset reporting requirements beyond the FBAR and Form 8938.
- Complete the FBAR and Form 8938 accurately using case studies.
10/2: Mechanisms for Offsetting U.S. Taxation of Foreign Income – Thomas Gorczynski, EA, USTCP (IRS Program Number NMVBP-T-00109-18-O)
U.S. citizens and residents generally pay U.S. tax on their worldwide income. U.S. law provides for both a foreign earned income exclusion and a foreign tax credit to mitigate double taxation. This class will review both mechanisms in-depth and discuss strategies for determining which is the optimal strategy.
- Define the requirements for qualifying for the foreign earned income exclusion.
- Identify how to elect or revoke the foreign earned income exclusion.
- Define the requirements for qualifying for the foreign tax credit.
- Compute the foreign earned income exclusion and foreign tax credit.
- Analyze how to select the best mechanism for offsetting U.S. tax.
Series 2 – Passive Foreign Investment Companies
10/16: PFIC Taxation Fundamentals – Mary Beth Lougen, EA, USTCP (IRS Program Number NMVBP-T-00110-18-O)
This course gives a broad overview of the tax law related to passive foreign investment companies, or PFICs. Failing to properly file Form 8621 can expose your client to both onerous penalties and an unlimited statute of limitations for the assessment of tax. Even though the PFIC provisions are among the most complicated and punitive sections of the Internal Revenue Code, we will explain PFICs in plain English so you can explain them to your clients.
- Explain what qualifies as a PFIC and how to identify them.
- Describe when a taxpayer must file Form 8621.
- Compare and contrast the three different taxation regimes for PFICs.
- Understand the potential penalties & statute of limitation issues with PFIC non-compliance.
10/23: PFIC Masterclass: Section 1291 – Mary Beth Lougen, EA, USTCP (IRS Program Number NMVBP-T-00111-18-O)
This webinar will instruct in both the details and computations required to complete Form 8621 under the default §1291 regulations. This is a course aimed at practitioners that have an intermediate level of understanding of PFIC taxation. The materials will be computation-intensive and will cover both §1291 theory as well as application on Form 8621.
- Describe the overall §1291 mechanism and its purpose.
- Compute both excess and non-excess distribution amounts under §1291.
- Complete a basic Form 8621 using the §1291 regime.
- Transfer the tax items from a completed Form 8621 using the §1291 regime to the tax return.
10/30: PFIC Masterclass: QEF & MTM – Mary Beth Lougen, EA, USTCP (IRS Program Number NMVBP-T-00112-18-O)
This webinar will instruct in both the details and computations required to complete Form 8621 under the qualified electing fund (QEF) and mark-to-market (MTM) regulations. This is a course aimed at practitioners that have an intermediate level of understanding of PFIC taxation. The materials will be computation-intensive and will cover both QEF and MTM theory as well as application on Form 8621.
- Describe the overall QEF and MTM mechanisms and their purposes.
- Analyze the benefits and drawbacks of the QEF and MTM elections.
- Complete a basic Form 8621 using the QEF and MTM regimes.
- Transfer the tax items from a completed Form 8621 using the QEF and MTM regimes to the tax return.
Series 3 – Advanced International Tax Issues
This course will demystify the new global intangible low tax income (GILTI) regime that takes effect for many taxpayers in 2018. We will provide an overview of the regulations and their intent, define the new terms of art in the regulations, calculate GILTI, demonstrate how the regulations affect entities and individuals differently, and what strategies are available to mitigate potential tax consequences.
- Identify what taxpayers are subject to GILTI taxation.
- Compare and contrast the taxation of entities and individuals under the GILTI regime.
- Understand the calculations of tested income.
- Describe potential strategies to mitigate GILTI taxation.
12/4: International Penalties and Abatement Strategies – Mary Beth Lougen, EA, USTCP (IRS Program Number NMVBP-T-00114-18-O)
The IRS is focusing their resources on international tax compliance; as such, practitioners are seeing increasing numbers of examinations in this area along with FBAR and international information return penalties. We will discuss in detail methods to defeat these penalties, such as reasonable cause, as well as how to effectively represent clients in either an international non-compliance examination or penalty abatement engagement. In addition, we will look at case studies to bring a real-life perspective to these issues.
- Describe the penalty structures for FBARs and other international information returns.
- Explain “reasonable cause” in the context of FBAR and international information return penalties and how to effectively demonstrate reasonable cause and advocate for your client.
- Understand the different ways to contest FBAR and international information return penalties both pre-assessment and post-assessment.
12/11: Fixing International Non-Compliance – Thomas Gorczynski, EA, USTCP (IRS Program Number NMVBP-T-00115-18-O)
Taxpayers who are non-compliant with reporting their foreign income and/or assets have programs available to come forward and disclose their non-compliance with a reduced penalty structure and limited look-back period. We will compare and contrast these programs as well as how to properly construct a disclosure package. We will look at case studies to bring a real-life perspective to these programs and the taxpayers using them.
- Demonstrate proper interview techniques to determine the extent of taxpayer non-compliance.
- Understand the Delinquent FBAR and International Information Return Submission Procedures and when a taxpayer can use them.
- Understand the Streamlined Filing Compliance Procedures and when a taxpayer can use them.
- Describe the concept of “willfulness” in international tax non-compliance and its implications.
- Demonstrate the ability to correctly construct a disclosure package, including the reasonable cause statement or Streamlined narrative.
INSTRUCTOR MARY BETH LOUGEN, EA, USTCP is the Chief Operating Officer of Expat Tax Tools, a niche tax software company that produces applications specifically for international practitioners. Current offerings include applications that prepare Form 8621 for PFICs, a foreign capital gains calculator, and a §965 transition tax calculator. Upcoming offerings include a crypto currency tax calculator with a database that includes USD values for crypto to crypto exchanges. Lougen is also the founder and president of American Expat Tax Services, a boutique income tax preparation firm that specializes in all areas of U.S. and Canadian tax preparation and compliance. She has 35+ years of U.S. income tax experience working in both the U.S. & Canada. She is an Enrolled Agent, a United States Tax Court Practitioner, and a respected writer and teacher in the world of international taxation.
INSTRUCTOR THOMAS A. GORCZYNSKI, EA, CTC, USTCP is the Senior Tax Consultant at Gorczynski & Associates, LLC in Phoenix, AZ. He is an enrolled agent, a Certified Tax Coach, a Fellow of the National Tax Practice Institute (NTPI), and admitted to practice before the United States Tax Court. He earned a Master of Science in Taxation from Golden Gate University and a Certificate in Finance and Accounting from the Wharton School at the University of Pennsylvania. His firm specializes in tax preparation for small business owners and individuals with foreign income and asset reporting requirements, tax controversy representation, and advanced tax planning strategies. Tom is a nationally-known speaker on tax law and procedure and has spoken for the National Association of Enrolled Agents (NAEA), the California Society of Enrolled Agents Super Seminars, and other national, state, and local organizations. He also is a skilled technical writer on tax law and strategy and published in EA Journal.
Your webinar registration includes:
- A license to attend the live webinar and the optional question-and-answer session.
- Downloadable course manual, presentation slides, and other supporting materials and implementation tools as appropriate. These materials are available for download when you log into the webinar.
- The opportunity to connect directly with the presenters and the other members of the Compass Tax Educators instructional team during the optional question-and-answer session.
- Length: 100 minutes (2 CE/CPE) plus optional question-and-answer session (no CE/CPE) (per webinar)
- Prerequisite: None
- Advanced Preparation: None
- Program Level: Basic, Intermediate, and Advanced
- IRS Program Numbers for Live Webinars: See course descriptions for program numbers.
- Delivery Method: Online Group Internet-Based Webinar
- Field of Study: Federal Tax Law (IRS); Taxes (NASBA)
- Credit Hours: 2 IRS; 2 NASBA (per webinar)
All continuing education credit is provided through Gregory & Associates, Inc., which is doing business as Compass Tax Educators.
This webinar has been designed by Gregory & Associates, Inc. to meet the requirements of the IRS Return Preparer Office, including sections 10.6 and 10.9 of Department of Treasury’s Circular No. 230. This does not constitute an endorsement by the IRS RPO. IRS Provider Number: NMVBP.
Gregory & Associates, 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 credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org. National Association of State Boards of Accountancy (NASBA) Sponsor Identification Number: 108911.
- Ticketing ends 30 minutes prior to the live event.
- You must be logged in at the beginning of the webinar and respond to the polling questions that will appear on your screen during the presentation in order to earn the maximum credit hours available on this webinar.
- If you are unable to attend the live webinar for any reason, you can cancel up to 12:00 PM ET the day before the webinar begins. If you cancel, you can receive either a refund of fees paid, less a $35 administrative fee, or access to the on-demand webinar on the same topic. There are no refunds for the purchase of on-demand webinars, but if you experience technical difficulties while viewing a webinar, contact us to resolve the issue.
- Compass Tax Educators does not provide a recorded version of the webinar for later viewing as part of the live webinar event registration.
For questions regarding our refund policy or any other administrative policy, please contact Sherrill Trovato, EA, USTCP at (714) 777-9359 or Geri Bowman, CPA, EA, USTCP at (330) 628-0415.