- NY Credits : 4.0
- TX Credits : 4.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 4.0
The U.S. has a worldwide taxation system whereby U.S. taxpayers are subject to U.S. income tax on all sources of income regardless of source. Most countries have their own income tax system. Thus, the same income stream can be taxed by more than one jurisdiction leading to potential double taxation. This can be relieved via a deduction or credit for the foreign taxes. This course reviews the double tax relief with the foreign tax deduction and the foreign tax credit. This course is most appropriate for the professional with detailed knowledge in taxation who may be at a mid-level position within an organization with operational or supervisory responsibilities, or both.
Included with subscription(s):
Upon successful completion of this course, the user should be able to:
identify what requirements are necessary for a foreign tax claimed as a foreign tax credit,
identify the different foreign tax credit baskets,
determine which of the foreign tax credit baskets to which income is allocated,
determine which of the foreign tax credit baskets to which expenses are allocated and apportioned, and
identify how the foreign tax credit limitation works.