Foreign Tax Credit
Author: Barbara Weltman, Sidney Kess
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
This course provides you with an overview of when and how individuals and corporations can claim the foreign tax credit.
Publication Date: June 2022
Designed For
CPAs; Enrolled Agents; tax preparers and staff; accountants, attorneys and financial advisors who work with and advise businesses and individuals that have cross-border operations, activities and issues.
Topics Covered
- PART I: Overview
- Part II: Foreign Tax Credit for Individuals, Trusts, and Estates
- Part III: Form 1116
- Part IV: Foreign Tax Credit for Corporations
- Part V: Form 1118
- Part VI: Special Issues
Learning Objectives
- Recognize how to explain the considerations for individuals to decide whether to claim the credit or deduct foreign taxes
- Recognize when to use various forms and how they apply
- Recognize and apply foreign tax credits for corporations
- Identify what amount of credit can be claimed for income taxes paid to a foreign country if it is reasonably certain the taxes will be refunded, credited, rebated, abated, or forgiven
- Describe how many parts Forms 1116 is comprised of
- Recognize which schedule is used to figure the tax that is deemed to have been paid by a corporation with respect to Section 951A income inclusions of earnings from foreign corporations under Section 960(d)
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
