Preparing U.S. Personal Tax Returns for Cross Border Persons: Common Cross-border Tax Issues
Author: Mohammad Ahmad
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
There has been a great deal of attention focussed on the information reporting requirements that have arisen for U.S. citizens living broad. Once you have determined that your client is a U.S. citizen and has a U.S. tax filing requirement . . . then what?
The cross-border tax issues for U.S. persons living in Canada continue to attract a lot of attention for Canadian tax. The second in this webinar series builds on the first part above and is designed to take you that one step further to understanding some of the more advanced common tax issues to consider for U.S. Persons living in Canada.
Publication Date: February 2020
Designed For
Acccountants and tax practitioners practicing independently or in small to medium-sized firms. It will also benefit most other professionals who provide services to US citizens, such as lawyers and financial planners.
Topics Covered
- U.S. versus Canada — Tax Differences
- U.S. Tax Reporting for Canadian Snow Birds and Others Spending Significant Time
in the U.S. — Form 8840
- Canadians Purchasing and Selling U.S. Real Estate and Tax Reporting Requirements for U.S. Rental Income
- Cryptocurrency
- Qualified Opportunity Funds
- Passive Foreign Investment Companies (PFICS)
- Qualified Business Income (SEC 199A) and New Forms for 2019
- Net Investment Income Tax (NIIT)
- Implementation of the U.S. Foreign Account Tax Compliance Act ("FATCA")
- U.S. Tax Rules Related to Certain Canadian Accounts (RRSP/RESP/TFSA)
- Ownership of Nonâ€U.S. Corporations and Filing of Form 5471
- U.S. Expatriation
Learning Objectives
- Identify tax reporting requirements for Canadians Purchasing and selling U.S. Real Estate
- Recognize tax consistency between U.S. and Canada
- Describe cryptocurrency and how it applies to the taxpayer
- Recognize which taxpayer is required to file Form 8621
- identify what percentage of Section 199A deduction allows for a deduction on qualifying business income
- Identify the disclosure penalty amount per account per year with respect to FBAR
Level
Overview
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
