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Preparing Form 1116 for Foreign Tax Credits textbook (2022)

Preparing Form 1116 for Foreign Tax Credits textbook (2022)

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$56.00 - Preparing Form 1116 for Foreign Tax Credits textbook (2022) - Basic

$59.00 - Preparing Form 1116 for Foreign Tax Credits textbook (2022) - Nonmember

Overview

Description:

This book is for preparing 2022 taxes. The general purpose of the foreign tax credit (FTC) is to mitigate the effects of double taxation on foreign-source income. More specifically, the FTC reduces a U.S. taxpayer´s tax liability with respect to its foreign-source income by all or part of the foreign taxes paid or accrued during the tax year. The credit is generally limited to the lesser of the foreign tax paid or accrued, or the U.S. tax liability on the foreign-source income. You need to know how to complete Form 1116, Foreign Tax Credit (Individual, Estate, or Trust), to reduce the double taxation on their foreign-sourced income.

Topics include:

  • Differentiate between U.S. and foreign-source income
  • Apply the sourcing rules to maximize the foreign tax credit and minimize excess credits
  • Compare the difference between the direct foreign tax credit and the indirect foreign tax credit
  • Complete Form 1116

Product Details:

Item Number: 22360

Level: Basic

Authors: NATP Staff

Published: 2022

Format: Print - 76 pages


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