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International tax issues are becoming omni-present, even for individuals and small, medium or large companies that never had an inkling they would. This is the first in a series of courses on Practical International Tax Issues for Non-Specialists. This course’s focus is the:

  1. Tax residency rules (individuals and corporations) under domestic law and treaty.
  2. How those rules impact information disclosure requirements for foreign financial accounts (think FBAR / FinCEN 114 / Form 8938).
  3. The requirements for reporting those foreign accounts.
  4. Helpful hints.
  5. What happens if you’re not in compliance and therefore have exposure. [The course briefly touches upon the concepts of Voluntary Disclosure, Streamlined Filing Compliance Procedures and Reasonable Cause filings; however, that is not the focus.]

 

Course Key Concept: Course Search Keywords, International Tax, Global tax, FBAR, Report of Foreign Bank and Financial Accounts, FinCEN, Financial Crimes Enforcement Network (FinCEN), 8938, Foreign financial accounts, Foreign bank accounts, Residency, Tax treaty, Tax treaties, Resident Alien, US citizen, Green Card, 183 days, Bank Secrecy Act (BSA).

Course Series

This course is included in the following series:

7 CoursesPractical International Tax for the Non-Specialist

  1. Practical International Tax for the Non-Specialist #1: Tax Residency and Foreign Financial Account Disclosures
  2. Practical International Tax for the Non-Specialist #2: Case Study - US Person Earning Foreign Income and then Transferred to Foreign Subsidiary.
  3. Practical International Tax for the Non-Specialist #3: Anti-deferral overview– Subpart F and CFCs.
  4. Practical International Tax for the Non-Specialist #4: US Taxation of Nonresident Individuals
  5. Practical International Tax for the Non-Specialist #5: Section 956, Investment of Earnings in US Property
  6. Practical International Tax for the Non-Specialist #6: Check The Box Overview (Entity Classification Election)
  7. Practical International Tax for the Non-Specialist #7: Foreign Investment in US Real Property - FIRPTA

Learning Objectives

  • Explore the US tax residency rules under the Internal Revenue Code and tax treaties.
  • Identify the types of questions you need to ask so you can determine if someone is a US tax resident.
  • Recognize the US rules for disclosing information about foreign financial accounts and the forms that need to be filed, due dates and helpful hints.
  • Discover the potential consequences of not complying.
Last updated/reviewed: April 27, 2020

1 Review (2 ratings)Reviews

5
Anonymous Author
This has been one of my favorite courses in Illumeo. Good facts presented in an easy to follow manor. Future session that i would love to see is on PFIC for Americans wanting to tax plan for retirement while living overseas. thanks for the great information!

Prerequisites

Course Complexity: Foundational

No advanced preparation or prerequisites are required for this course. However it is recommended to take other Tax courses by Marc Schwartz: Practical International Tax for the Non-Specialist

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
INTRODUCTION AND OVERVIEW
  2:23Introduction to Practical International Tax for the Non-Specialist #1: Tax Residency and Financial Disclosures
  8:09Tax Residency
  8:11Tax Residency Continued
  1:42International Tax
  15:03Foreign Financial Accounts Disclosures
  5:03Foreign Financial Accounts Disclosures Cont'd
CONTINUOUS PLAY
  40:31Practical Int'l Tax for the Non-Specialist #1: Tax Residency and Foreign Financial Account Disclosures
SUPPORTING MATERIAL
  PDFSlides: Practical International Tax for the Non-Specialist #1: Tax Residency and Foreign Financial Account Disclosures
  PDFPractical Int'l Tax for the Non-Specialist #1:Tax Residency and Foreign Financial Account Disclosures Glossary/ Index
  PDFInternal Revenue Code: Practical Int'l Tax for the Non-Specialist #1: TRFFA Disclosures
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM