Description:
This book is for preparing 2023 taxes. If you have a client who lives and earns income in another country, you must be careful that they are not subject to double taxation. Double taxation occurs when a taxpayer pays both U.S. and foreign taxes on the same income. To mitigate potential double taxation, §911 provides a foreign earned income exclusion and a foreign housing deduction or exclusion to qualifying taxpayers. Form 2555, Foreign Earned Income, is used to calculate these exclusions. This comprehensive course explores the tax implications of working abroad and introduces the forms needed to prepare the return of a taxpayer earning income from foreign sources, including completing Form 2555.
Topics include:
- Determining if a client qualifies for the foreign earned income exclusion and the foreign housing deduction or exclusion
- Differentiating between the foreign housing deduction and exclusion
- Identifying Social Security issues and self-employment issues that arise when taxpayers work abroad
- Identifying how totalization agreements and tax treaties with other countries impact taxpayers
- Preparing Form 2555, Foreign Earned Income
Item Number: E23361
Level: Basic
Authors: NATP Staff
Published: 2023
Format: Electronic PDF - 81 Pages
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Corresponding CPE Courses:
Get this e-book FREE when you purchase the corresponding 2023 course.
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