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Kaplan University School of Professional and Continuing Education Kaplan University School of Professional and Continuing Education

Introduction to U.S. Taxation of International Transactions (IIT)

8-Hour Program (Great industry course)

WHY ATTEND THIS COURSE?

A shrinking world caused by advances in technology and “globalization” of routine business transactions is creating the need for even relatively small accounting practices to become informed about international tax issues. Many tax rules will be established by treaty, and CPAs must know what those treaties contain and when they apply, especially when there is a conflict between a treaty and the Internal Revenue Code. US citizens working in other countries, foreign nationals working in the United States, cross-border transfers of equipment and technology, foreign sales and purchases, foreign investments and investors—all combine to require working knowledge of international tax issues. Participants will be introduced to a broad understanding of international tax planning and compliance that will assist them in advising clients and handling routine compliance without a hitch.

DESIGNED FOR...

CPAs in public practice and key positions in industry.

OBJECTIVE

Participants will be able to:

  • Recognize international tax issues
  • Find relevant tax provisions in tax treaties
  • Determine taxing jurisdiction for different types of income
  • Identify reporting differences and treaty provisions that apply to common transactions
  • Plan for maximum benefit from foreign tax credit
  • Accurately calculate taxable income of a U.S. citizen working in another country
  • Accurately calculate taxable income (and tax) of a foreign national working in the U.S.
  • Correctly apportion income of a multi-national business enterprise
  • Apply tax rules to determine “effectively connected” business operations
  • Anticipate and create tax savings opportunities
  • Understand the various reporting requirements for owning foreign deposit accounts and other foreign financial assets

MAJOR SUBJECTS

  • Sourcing of income
  • Section 911—foreign source income
  • Expatriation rules for US citizens and long-term residents
  • Foreign tax credits
  • Foreign corporations
  • Controlled Foreign Corporations (CFCs)
  • Passive Foreign Investment Companies (PFICs)
  • Withholding taxes
  • “Sub-part F” income
  • Transfer Pricing—IRC Sec. 482
  • Tax treaties
  • Taxation of foreign persons
  • Current developments in U.S. taxation of foreign transactions

COURSE ACRONYM: IIT

PRESENTATION METHOD: Group-live

LEVEL OF KNOWLEDGE: Basic

PREREQUISITES:

  • None

ADVANCE PREPARATION: None

FIELD OF STUDY: Taxes/International Taxation

RECOMMENDED CPE CREDIT: 8 hours


CPE Sponsor icon

SmartPros®, A Kaplan Company and Loscalzo Institute, A Kaplan Company are 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.