Income Sourcing Rules

  • Accountant
  • AFSP
  • CRTP
  • CGFM
  • CPA (US)
  • EA
  • ORTP
  • CPA/PFS
  • ChFC
  • MRTP
  • FSCP
  • CASL
  • ChSNC
  • RICP
  • WMCP
  • CFIRS
  • CWS
  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Course Description

Nonresidents – whether individuals or corporate entities/non-grantor trusts – are primarily taxed on income sourced to the United States.

Limited tax on foreign-sourced income can occur to the extent the nonresident maintains an office or fixed place of business in the United States, but American tax for nonresidents focuses on American-sourced income.

Why is it important to know the source of a taxpayer’s income?

It is important because the foreign tax credit (FTC) can only offset U.S. taxes on foreign source income. A U.S. person is subject to worldwide taxation on income from all sources. However, a foreign person is subject to U.S. tax only on their income from sources within the U.S., with minor exceptions. Thus, the sourcing of income is necessary because amounts reported by a taxpayer are not automatically included in the calculation of U.S. taxable income.

Speaker Patrick McCormick in this CE/CPE course covers income sourcing rules for United States income tax purposes.

This online Taxation course will cover the following topics:

  • Income Sourcing Rules
  • Interest
  • Dividends
  • Personal Services Income
  • Multiyear Compensation Arrangements
  • Income from Property Use
  • Income from Property Disposition
  • Other Rules of Note
  • Foreign Derived Intangible Income
  • Domestic Corporations - FDII
  • Foreign Derived Intangible Income

This CE/CPE webinar begins with an overview of why income sourcing rules dictate American tax requirements for non-residents. It also covers assorted income tax sourcing categories, with exceptions to general rules and treaty alterations.

Learning Objectives

  • To discuss the overview of why income sourcing rules dictate American tax requirements for non-residents.
  • To review assorted income tax sourcing categories.
  • To analyze exceptions to general rules and treaty alterations.
  • To discuss Multiyear Compensation Arrangements.

Recommended For

  • This IRS-approved CE webinar is recommended for Tax partners, managers, and staff, CPAs, EA, AFSP, CRTP, MRTP, ORTP, CFIRS, CWS, tax return preparers, tax attorneys, and other tax practitioners who want to advise businesses and individuals with Income sourcing rules.
  • This CPE/CE course is also helpful for tax professionals who want to understand everything about American tax requirements for nonresidents.

Who Should Attend?

  • Annual Filing Season Program
  • Bookkeepers & Accountants & Tax Preparers
  • California Registered Tax Professional
  • Certified Public Accountant (CPA)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Enrolled Agent
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Tax Firm
  • Tax Preparer
  • Tax Professionals
  • Tax Pros
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 2 General Credit for Accountant/Bookeeper
  • 2 CE Credit of Federal tax-related matters for Annual Filing Season Program (AFSP)
  • 2 CE Credit of Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0908)
  • 2 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 2 CE Credit of Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-01079-22-O)
  • 2 CE Credit of Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-01079-22-O)
  • 2 CE Credit of Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-01079-22-O)
  • 2 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 2 CE Credit for Certified Wealth Strategist (CWS)
  • 2 CPE Credit for Certified Government Financial Manager (CGFM)
  • 2 CPD Credit of Taxes for Personal Financial Specialist (PFS)
  • 2 CPE Credit of Taxes for Chartered Financial Consultant (ChFC)
  • 2 CPE Credit of Taxes for Financial Services Certified Professional (FSCP)
  • 2 CPE Credit of Taxes for Chartered Advisor in Senior Living (CASL)
  • 2 CPE Credit of Taxes for Chartered Special Needs Consultant (ChSNC)
  • 2 CPE Credit of Taxes for Retirement Income Certified Professional (RICP)
  • 2 CPE Credit of Taxes for Wealth Management Certified Professional (WMCP)

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

Lambers, Inc.

, Lambers, Inc.

Lambers Financial is a leader in providing E-learning courses for accounting professionals looking to achieve the industry's most recognized designations such as the Certified Public Accountant (CPA) and Enrolled Agent (EA). Accounting and finance professionals around the world incorporate Lambers products into their training programs.

Lambers CPA Review was started by Vincent W. Lambers in July of 1966 in Boston, MA. The first class had six students and from that point, the program grew to be the largest live instruction CPA Review program in New England. The Lambers teaching method of illustrations, examples and working problems has helped over 250,000 candidates pass the CPA Exam since that first class in 1966.

Today, Lambers review courses deliver that same successful teaching style to exam candidates via online video, unique adaptive testing software, and textbooks. Over the last two decades, we've expanded our offerings to include the Enrolled Agent (EA), an extensive library of both IRS approved continuing education (CE) courses (including the IRS Federal Tax Refresher (AFTR) course for registered tax professionals), and NASBA approved continuing professional education (CPE).

See why Lambers Financial has remained a leader in professional education for over fifty years! Visit our website today to check out our full line of review courses and titles.

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.
  • You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
  • 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.
  • myCPE Courses are taken by : CPA | CMA | CFE | CIA | CPA(Yellow Book)| CFP | CFA | CPA (Govt.) | EA | CRTP | MRTP | ORTP | ABV | CITP | CVA | PFS | CFF and others.

Ratings and Review

4.1

9 Ratings

Excellent

2

Very Good

6

Average

1

Poor

0

Terrible

0

MR

Michael Ricozzi, CPA (US)

May 2nd, 2022

goo course ... extremely technical

Income Sourcing Rules

PREMIUM

2 Credits

Subject Area

Taxes

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