Table of Contents.

Description:

If you have a client who works and receives income from that work in another country, you must be careful of double taxation, meaning paying taxes twice on the same source of earned income. This comprehensive textbook explores the tax implications of working abroad and introduces the forms needed to file the taxpayer’s return correctly. 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, calculates these exclusions.

Working Abroad and Form 2555 covers:

• 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 related to working abroad.
• How totalization agreements and tax treaties with foreign countries impact the taxpayer.
• Preparing Form 2555, Foreign Earned Income, to determine the appropriate foreign income exclusion for the taxpayer.

Product Details:

Level: Basic level

Author: NATP Staff

Publisher: NATP

Publication Date: 2019

Format: Electronic

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