This webinar will provide tax advisers and preparers with an in-depth review of complex income tax considerations related to Americans working abroad. The panel will explore elections and procedures that may have significant income tax consequences for the worker and, in some cases, the sponsoring employer.
Qualifying U.S. citizens and residents working outside the U.S. may exclude a portion of their foreign earned income under Sect. 911. Also, qualifying individuals may elect to exclude a housing cost amount from taxable income.
However, tax advisers should carefully evaluate potential tax benefits derived from electing the foreign earned income and housing cost exclusions or deductions. Advisers must consider the initial election and analyze the realistic prospects of utilizing excess foreign tax credits.
Working abroad triggers other issues, including compliance with Form 114 FBAR and Form 8938 FATCA requirements. Applying U.S. and foreign Social Security rules is particularly complex, especially concerning totalization agreements.
As our experienced panel explores and provides their perspectives on the difficulties arising from tax preparation for Americans working abroad, they often confound tax professionals.
Learning Objectives:
Marc J Strohl, CPA, is a founding Principal at Protax Consulting Services Inc., established in 2001, previously with Deloitte & Touche LLP, PricewaterhouseCoopers, and Ernst & Young LLP.
He has more than 20 years of extensive experience specializing in international U.S. individual income tax issues related to individual U.S. expatriates and nonresident aliens or foreign nationals serving individual clients and employees in employer-sponsored programs of multinational public, non-profit companies, and professional firms.
Marc is a multi-state licensed CPA and is a member of the AICPA and NYSSCPA, including their International Taxation and Taxation of Individuals Committees. He is a regular contributor to the NYSSCPA’s “The Trusted Professional” and blog publications. He is featured internationally, including the critically acclaimed Thomson Reuters’ twice-monthly newsletter publication Practical International Tax Strategies, now rebranded Journal of International Taxation and their Practical Tax Strategies publication.
Marc’s concise and informative industry benchmark authoritative executive summary tax articles regarding U.S. Expatriate and Foreign National-Non-Resident and Resident Aliens tax are world-renowned and standard issues at the big 4 to staff and clients.
In addition to being a regular speaker at the NYSSCPA - FAE Technical Sessions and Committee Conferences, Marc is a frequent external speaker on U.S. international individual taxation matters and featured faculty at Clear Law Institute, myCPE, CCH- Wolters Kluwer CCH Webinars, Lawline, Furthered and Strafford Publications, providing online C.P.E. and C.L.E. education courses to CPA's and Attorney's worldwide.
He earned a Master's degree in Public Accountancy from McGill University, Montreal, Canada, and a Bachelor of Science Honoring in Chemistry.
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