New Manual & automated update so the calculator can correspond with our new form8621.com domain
New Manual & automated update so the calculator can correspond with our new form8621.com domain
2017 Update: 2016 IRS interest and tax rates, 2016 exchange rates, 2016 forms and calculations, Read-only module.
Attending CalCPA‘s conference this week?
Come listen to our own Beth Lougen tomorrow at her workshop: Understanding Form 8621 in Room A at 3:05 pm. Or drop by the Expat Tax Tools booth for a free demo.
Mary Beth Lougen of Expat Tax Tools to speak at USD School of Law – PITI Conference
SAN DIEGO, October 5, 2016 /PRNewswire/ — Expat Tax Tools is proud to announce that COO Mary Beth Lougen has been asked to speak at the The University of San Diego School of Law – Procopio International Tax Institute international tax conference, held on October 20-21 at the Joan B. Kroc Institute for Peace and Justice in San Diego. Mary Beth states that this is a very prestigious event and she is honored to be asked to be a part. Mary Beth’s topic for discussion is “Taxation Dilemmas of International Retirement Plans”.
Mary Beth Lougen of Expat Tax Tools to speak at USD School of Law – PITI Conference
SAN DIEGO, October 5, 2016 /PRNewswire/ — Expat Tax Tools is proud to announce that COO Mary Beth Lougen has been asked to speak at the The University of San Diego School of Law – Procopio International Tax Institute international tax conference, held on October 20-21 at the Joan B. Kroc Institute for Peace and Justice in San Diego. Mary Beth states that this is a very prestigious event and she is honored to be asked to be a part. Mary Beth’s topic for discussion is “Taxation Dilemmas of International Retirement Plans”.
New Feature: Ability to key in transactions using the USD amounts when the statements are in US currency instead of the original functional currency of the investments and/or account.
New in this update New user interface to match the cloud version of the calculator Enhanced PDF generation (documents are no longer saved on the server, but generated as needed)…
Wednesday, December 16, 2015
1:00 PM to 2:00 PM ET
This program goes back to basics to reinforce how the current tax code affects the personal income tax situations for your employees on foreign assignment. A well-crafted package can allow your employee to benefit from the best the Internal Revenue Code and State Tax Codes have to offer on a personal level. Too often, employees on international assignments are surprised at tax time to learn that they do not qualify for federal earned income exclusions or state safe harbor programs which could have saved them thousands in taxes. When employees accept assignments outside the United States and are provided with a thoughtful employment package that considers not only the company’s interest but their own, your company will be able to retain talent easier and have employees more willing to accept international assignments.
BY MARY BETH LOUGEN, EA, USTCP
If the federal treatment of passive foreign investment companies (PFICs) under I.R.C. §§1291–1298 isn’t enough to send you screaming from the room, have you ever considered how the various states view that same investment?
Once you start looking closely at the multiple federal treatments and how many ways a state can view those treatments, you quickly realize that the number of considerations and potential issues awaiting your clients is on a scale that is so large it can overwhelm the most seasoned professional. This article will bring up more questions than it answers and is intended to have you really think about what you are dealing with when you have a client with a U.S. state residency or domicile who also owns a PFIC.
You need to stop and thoughtfully evaluate how the state will treat income that is included in federal AGI but does not meet the definition for constructive receipt, income that is constructively received but not included in federal income, losses that are taxed differently than gains for the same investment, losses that are accounted for in different years than gains, income not included in AGI but instead subject to an additional tax by the IRS and just as many
variations of basis adjustments.
As I see it, the main issues are:
For those of U.S. who work in the arena of international taxation our idea of a great client is one who lives in Texas, Washington or any of the sevens states that do not impose income tax on their residents. On a good day figuring out how to prepare the federal tax returns for people whose fiscal lives cross international borders can be vexing and time consuming. But throw an extra taxing jurisdiction into the mix and there are now another set of regulations to consider. What may have been the best outcome when considering only the implications at the federal level may no longer be the case…
