US Personal Tax - Fundamentals

CPD Hours: 7 |

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US Personal Tax - Fundamentals
US Personal Tax - Fundamentals





    The determination of residency is an important factor in determining the manner in which an individual is subject to U.S. federal income tax. Understanding the rules for determining residency is critical to determine who is subject to U.S. federal taxation and the types of income subject to U.S. taxation. 
    This course provides a general understanding of U.S. taxation of resident and non-resident aliens of the U.S. Emphasis will be placed on the determination of residency for U.S. tax purposes and the corresponding U.S. taxation implications. There is also a general overview of, Estate Taxation, U.S. Foreign Reporting, FIRPTA, the U.S.-Canada Income Tax Treaty and how non-resident aliens may recover U.S. tax withheld on U.S. gambling winnings. The streamlined filing procedures for US Voluntary Disclosures will also be covered in this course.


    Course Content:

    Some of the key U.S. personal tax topics that emerge during the course include:

    • Tax classification and residency status tests
    • Taxation of US citizens, resident aliens, and non-resident aliens
    • U.S. estate taxation
    • Gift tax and foreign disclosures
    • U.S. foreign income reporting
    • The U.S.- Canada Income Tax Treaty
    • Foreign Investment in Real Property Tax Act (FIRPTA)
    • Recovery of U.S. tax withheld on gambling winnings by non-resident aliens
    • U.S. Voluntary Disclosure Program – Streamlined Filing Procedures
    • U.S. State and Local Taxation



    Learning Objectives:

    Upon completing this course, you should be able to: 

    • Describe the various residency classifications for US federal tax purposes
    • Explain the residency status tests used for US federal tax purposes
    • Describe taxation of US citizens and resident and non-resident aliens
    • Determine which type of US personal income tax return to prepare
    • Determine when a US estate income tax return and/or gift tax return may be required
    • Explain the impact of US tax treaties 


    Who Will Benefit: 

    Accounting professionals and practitioners who want to gain a basic understanding of U.S. taxation for individuals and an update of recent changes to assist with the preparation of basic U.S. tax returns. 

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