Description:

This book is for preparing 2023 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 their foreign-source income by all or part of the foreign taxes paid or accrued during the tax year. This course gives tax professionals the knowledge they need to complete Form 1116, Foreign Tax Credit (Individual, Estate, or Trust), for eligible taxpayers to help them avoid paying double tax (once in the foreign country and again in the U.S.) on their foreign-source income.

Topics include:

• Identifying foreign taxes eligible for the credit
• Analyzing the facts and choosing to claim the credit without filing Form 1116, if eligible
• Calculating the credit, the limit on the credit and any carryovers when filing Form 1116
• Determining if income is U.S. source or foreign source by applying the sourcing rules
• Applying information from Schedule K-3 (Form 1065), Partner’s Share of Income, Deductions, Credits, etc. - International, to Form 1116
• Completing Form 1116
  
  

Product Details:

Item Number: 23360

Level: Basic

Authors: NATP Staff

Published: 2023

Format: Print - 92 Pages

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Corresponding CPE Courses:

Get the e-book FREE when you purchase the corresponding 2023 course.