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Foreign Earned Income Exclusion (FEIE): Strategies; Covid-19 Presence Waiver

  • Accountant
  • AFSP
  • CRTP
  • CPA (US)
  • EA
  • ORTP
  • MRTP
  • CFIRS
  • CWS
  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Course Description

An adverse conditions waiver is provided in Revenue Procedure 2020-27 for U.S. citizens or residents to claim the Foreign Earned Income Exclusion (FEIE) if they had a reasonable expectation of meeting either the bona fide residence test or the Physical Presence Test until the Covid-19 Emergency Period disrupted the situation.

This CPE/CE course explains how the FEIE is claimed on Form 2555 when an adverse condition waiver applies, including when that adverse condition is the Covid-19 Emergency period. Claiming the FEIE in normal conditions is, of course, fully explained.

In this CE webinar, the speaker will discuss decision factors important in choosing between reducing the tax burden by using the FEIE or by using a Foreign Tax Credit (FTC), calculated on Form 1116. And when and how both can be used safely and advantageously.

Learning Objectives

  • To understand when adverse conditions prevent meeting the test for bona fide residence or physical presence that normally must be met to claim the Foreign Earned Income Exclusion (FEIE).
  • To understand the fundamental requirements to claim FEIE

o   Tax home in a foreign country

o   Meet either the bona fide residence or the physical presence test,

  • To understand how the self-employed as well as employees claim the FEIE
  • To understand the basics of claiming the Foreign Housing Exclusion or Deduction
  • To understand how to test the tax and situational factors that influence when to use the FEIE when to use the Foreign Tax Credit (Form 1116), and when both may be used.

Recommended For

  • This IRS-Approved Tax CE course is recommended for CPAs, EAs, AFSPs, Tax Practitioners, and Other Tax Professionals engaged in advising clients for tax planning strategies for foreign earned income.

Who Should Attend?

  • Annual Filing Season Program
  • California Registered Tax Professional
  • Certified Public Accountant (CPA)
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Enrolled Agent
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Professionals
  • Tax Pros
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 2 CE Credit of Taxes for Enrolled Agents (EA) (Approval No. GEHNZ-T-00664-21-O)
  • 2 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 2 CE Credit of Federal Tax Related Matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0628)
  • 2 CE Credit of Taxes for Annual Filing Season Program (AFSP)
  • 2 CE Credit of Federal Tax Related Matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00664-21-O)
  • 2 CE Credit of Federal Tax Related Matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00664-21-O)
  • 2 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 2 CE Credit for Certified Wealth Strategist (CWS)
  • 2 General Credit for Accountant/Bookkeeper/Tax Professionals

Additional details

  • Course Level :
    Basic
  • Credits :
    2
  • Instructional Method :
    Group Internet Based
  • Pre-requisites :
    None
  • Advance Preparation :
    None

IRS APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

CTEC APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

Presenter

About Presenter

Jean Mammen, EA, FSO (ret.)

Enrolled Agent & CEO, 1040nror1040

Jean Mammen is the author of “1040NR? or 1040? U.S. Income Tax Returns for Visa Holders + International Organization and Foreign Embassy Employees”, 7th Classic Edition. She writes blog posts, seminars, and webinars on a variety of international topics affecting individuals.  

Her specialty is the income tax concerns of international individuals with a U.S. income tax filing requirement. Jean’s perspective comes from spending 30 years among people who live or work outside their country of citizenship.  She was a Peace Corps Volunteer and a Foreign Service Officer.

Jean is an Enrolled Agent and a member of NAEA and NATP 

Internet and social media Presence: 

Jean Mammen’s website, www.1040nror1040.com , includes “Sample Returns” with three case studies. The first case has a simple Form 1040-NR return for an individual who changed from an F1 student visa to an H1-B work visa. The second and third cases are for twin J1 visa holders qualifying for a treaty income exclusion. One is a second year filer on Form 1040-NR, one a third year filer on Form 1040.

Jean answers tax questions from tax professionals and individuals on the NAEA webboard and TaxMama’s ® Tax Forum.

Areas of Expertise

Jean Mammen’s areas of expertise include

  • Determining correct U.S. income tax filing for noncitizens of the United States, tax form, filing requirements, income to be reported, how the income is taxed
  • Identifying and correctly handling basic income and tax rate provisions and bilateral income tax treaty income exclusions summarized in Tax Treaty Tables I and II on www. IRS.gov
  • Understanding the information and income filing requirements for Form 1040 filers with foreign income, foreign earned income exclusion or foreign tax credit, foreign bank and financial accounts, large foreign gifts, foreign assets, simple foreign trust situations. Understanding the procedures for filing delinquent foreign information reports
  • Best procedures for buyer and seller of a U.S. real property interest owned by a non U.S. person according to FIRPTA provisions (Foreign Interest in Real Property Tax Act (IRC 1445) to minimize over withholding.

Faq

FAQs content

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  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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Ratings and Review

5

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MS

Maryann Sztenderowicz, Accountant

Sep 25th, 2021

It was just so loaded with information. It was great

Foreign Earned Income Exclusion

PREMIUM

2 Credits

Subject Area

Taxes

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