Executive Overview of Repatriation of Foreign Earnings Exploring Both the Accounting & Tax

Melisa Galasso, CPA

Galasso Learning Solutions

  • CPA

Before starting this self study program, please go through the instructional document.

Overview

  • Worldwide Income
  • How it works
  • Who has to pay?
  • Dividends Received Deduction (DRD)
  • ASU 2018-05

Course Description

Worldwide taxation? Water’s edge? Repatriation? The world changed a lot after the Tax Cuts and Jobs Act. The “deemed repatriation” provisions of the tax overhaul law present tax advisers to U.S. taxpayers engaged in foreign business and investment activities with an almost immediate compliance challenge. These deemed repatriation provisions, changes to the definition of who is a U.S. shareholder, and changes in attribution rules to determine CFC status. Tax advisers need to immediately grasp the details of the new provisions to avoid costly tax consequences for their clients engaged in cross-border activities.

In this edition of Both Sides of the Coin, we explore the new world of foreign earnings! Presenters will discuss the impact of the one-time tax on overseas earnings, the foreign tax credit, and how overseas operations will change. The webinar covers

  • How FASB is going to deal with the changes?
  • What is GAAP for foreign earnings in light of the TCJA?
  • Tax Implications
  • Accounting Implications

This webinar is a must-attend for those seeking to understand how both the accounting and taxation of foreign earnings has changed in light of the Tax Cuts & Jobs Act.

Learning Objectives

  • To recognize the tax implications of foreign earnings repatriated into the United States
  • To identify the impact of changes to the foreign tax credit
  • To identify the financial and tax effects of the one-time transition tax
  • To recognize which elections are revoked by paying the remaining Section 965 liability
  • To identify the annual information return of U.S. persons with respect to Foreign Corporations

Who Should Attend?

  • Accountant
  • CPA - Small Firm
  • CPA - Mid Size Firm
  • CPA (Industry)
  • Auditors
  • Young CPA
  • Entrepreneurial CPA
  • Senior Accountant
  • Entrepreneurial Accountant
  • Accounting Managers
  • Staff of Accounting Firm