Planning for the Foreign Tax Credit and Compliance on Form 1116 and Form 1118
Date: Friday, May 16, 2025
Instructor: Robert J. Misey
| Begin Time: |
11:00am Pacific Time
12:00pm Mountain Time
1:00pm Central Time
2:00pm Eastern Time |
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
|
NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
The foreign tax credit is the primary means by which the United States alleviates double taxation. However, U.S. taxpayers are often surprised that they don’t receive a credit for all their foreign taxes. Taught by former IRS Chief Counsel (International) attorney Robert Misey, this program will teach you the fundamentals of the foreign tax credit and conclude with the preparation of sample foreign tax credit forms 1116 (for individuals) and 1118 (for corporations)
Who Should Attend
Tax accountants, tax attorneys, and tax professionals in industry
Topics Covered
- Creditable foreign taxes
- How the sourcing rules impact the limitation
- The various limitation baskets
- Completing Forms 1116 and 1118
Learning Objectives
- Determine what is a creditable foreign tax
- Understand the foreign tax credit limitation
- Plan around the foreign tax credit limitation and the sourcing rules
- Understand the various limitation baskets and how they restrict the credit
- Understand how to substantiate your creditable foreign taxes
- Understand how to prepare Forms 1116 and 11189
Level
Basic
Instructional Method
Group: Internet-based
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
