Description 

Navigating the complex landscape of information reporting for U.S. taxpayers with multinational activities can be daunting. Questions frequently arise about which forms are necessary for specific transactions or holdings.

This course will provide critical and applicable updates in the international tax arena. This presentation will cover case law rulings on foreign income inclusions, foreign tax credit treaty relief, and penalty imposition/assessment for multinational failures among other international tax topics of interest.

This program, taught by attorney Patrick J. McCormick, provides a summary of recent developments in international tax. Attendees will explore updated regulations for foreign tax credit purposes, as well as current options for net investment income tax relief under tax treaty provisions. Mr. McCormick will review recent rulings impacting the government's ability to assess and collect both FBAR and Title 26 penalties. He will also cover the domestic filing exception to Schedule K-2 and K-3 filing.

Learning Objectives:

• Overview of the latest changes and updates in international tax regulations
• Analysis of recent rulings impacting the government's ability to assess and collect FBAR and Title 26 penalties
• Current options for relief under various tax treaty provisions
• Examination of the domestic filing exception to Schedule K-2 and K-3 requirements
  Recognize service issuances impacting multinational tax issues
• Identify how actions from the United States Congress affect international tax
• Detailed exploration of updated regulations for foreign tax credit purposes
• Identify the primary information reporting forms that are relevant for U.S. taxpayers involved in multinational activities
• Describe the specific circumstances that trigger various reporting requirements for international tax contexts
• Evaluate the types of transactions and holdings that necessitate different forms, ensuring compliance with U.S. tax laws

Session Highlights:

• Summarize the recent developments in international tax
• Explore the recent rulings impacting the government's ability to assess and collect both FBAR and Title 26 penalties
• Identify the current status of NIIT relief under treaties
• Review the domestic filing exception to Schedule K-2 and K-3 filing

Who Should Attend:

• CPA and Enrolled Agents (EAs)
• Tax Professionals
• Attorney 
• Other Tax Preparers
• Finance professionals
• Finance planners
• Owner