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

  • AFSP
  • CPA (US)
  • EA
  • Tax Preparer
  • CTEC
Foreign Earned Income Exclusion (FEIE): Strategies; Covid-19 Presence Waiver

2 Credits

$20

Subject Area

Taxes

Webinar Qualifies For

2 CPE credit of Taxes for all CPAs

2 CE credit of Federal Tax for Enrolled Agents ( IRS Approved : GEHNZ ) (Approval No. GEHNZ-T-00664-21-O)

2 CE credit of Federal Tax Subjects for California Tax Professionals (CTEC Approved - 6273) (Approval No. 6273-CE-0628)

2 CE credit of Annual Filing Season program (AFSP)( IRS Approved : GEHNZ )

2 CE credit of Federal Tax for Maryland Tax Preparers (Approval No. GEHNZ-T-00664-21-O)

2 CE credit of Federal Tax for Oregon Tax Preparers (Approval No. GEHNZ-T-00664-21-O)

2 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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.

Who Should Attend?

  • Annual Filing Season Program
  • California Registered Tax Professional
  • Certified Public Accountant
  • 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

Testimonial

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