Check-the-Box Elections: U.S. and Foreign Tax Implications (Completed)

Date: Monday, July 24, 2017
Instructor: Robert J. Misey, Sara L Rapkin
Begin Time:  9:00am Pacific Time
10:00am Mountain Time
11:00am Central Time
12:00pm Eastern Time
CPE Credit:  2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC
2 hours Tax Planning for CFP

Unlock the opportunity to provide your business clients significant tax benefits by understanding the right circumstances to file a timely "check-the-box" election on Form. For example, a company may use foreign taxes paid as a credit to eliminate double taxation. But beware — while the 8832 looks simple, the devil is in the details and an improper understanding of the filing process can have an undesirable tax effect!

This practical two-hour CPE webinar will provide you detailed guidance on how to successfully make a check-the-box election, both on a timely and delinquent basis — and the practical tax planning implications for both domestic and international entities. Former IRS attorney and noted international tax advisor, Robert Misey, J.D., LL.M., M.B.A. and author of the treatise, U.S. Taxation of International Transactions published by Wolters Kluwer, and tax and business law practitioner Sara Rapkin, J.D., will review the rules, tips and traps of entity choice for foreign operations so you get the most favorable results. These experts will also examine the technical guidance provided by the IRS and share their experience in how the IRS applies the rules, focusing on the immediate tax consequences of the election.

All professionals in public practice and in industry involved with cross-border business tax planning and compliance matters will benefit from this helpful seminar. Course materials will include a comprehensive and detailed outline prepared by Mr. Misey and Ms. Rapkin that will serve as a handy reference for future study and review. During the program, time will be provided for you to submit questions to our distinguished presenters.

As our “thank you for attending” gift, firms registered for this seminar will receive a complimentary issue of Wolters Kluwer’s International Tax Journal in electronic format.

Who Should Attend
Business tax and finance executives, directors, managers and staff; CPAs; Enrolled Agents; tax preparers and staff; accountants, attorneys and other financial advisors who work with and advise clients with cross-border activities and tax issues

Topics Covered

  • Fundamentals of "checking the box"
  • Timing of check-the-box elections
  • Domestic tax implications of checking the box
  • International tax implications of checking the box
  • Completing a Form 8832 "Check-the-box election"
  • International tax compliance for a "checked" entity - Form 8858

Learning Objectives

  • Understand the tax law, requirements and procedures for making check-the-box elections
  • Identify opportunities where making a check-the-box election will save taxes

Level
Intermediate

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
Basic knowledge of U.S. domestic and international business income taxation

Advance Preparation
None

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