US Tax - US Citizens Living Abroad
Overview:
U.S. citizens and resident aliens of the U.S. are taxed on their worldwide income. This on-demand seminar will help you determine what income can be excluded from U.S. taxation, income eligible for foreign tax credits, and identify reporting and filing requirements for U.S. citizens abroad.
This course provides a general understanding of U.S. taxation of U.S. citizens and resident aliens abroad, exposure for failure to file U.S. tax and information returns, options for delinquent filers, and recent changes to U.S. income taxes. The course material will include useful references including sample treaty disclosure statements.
Detailed case studies will be used to illustrate concepts.
Course Content:
In this course, you will gain knowledge about the following topics:
- Filing requirements, FBAR, voluntary disclosure process and current developments
- Sourcing of income
- Foreign exclusions
- Foreign tax credits
- U.S. tax implications on sale of a principal residence
- U.S. taxation of RRSPs and RESPs for U.S. citizens living in Canada
- Canadian taxation of 401(k) plans, traditional IRAs and Roth IRAs
- U.S. expatriation tax rules
Learning Objectives:
Upon completing this course, you should be able to:
- Understand specific US tax concepts as they relate to US citizens residing in Canada
- Understand filing requirements for US citizens in Canada including filing of Form1040, FBAR and claiming Foreign Earned Income Exclusion
- Understanding Voluntary Disclosure programs available to US citizens not compliant with US tax filing requirements
- Understand tax implications of Canada and US retirement accounts
- Basic understanding of US expatriation tax
Who Will Benefit:
Practitioners and financial professionals who advise U.S. citizens and resident aliens living abroad.