Does Your Client Own Shares In Foreign Corporation? Impact of TCJA

  • Accountant
  • AFSP
  • CRTP
  • CPA (US)
  • EA
  • ORTP
  • CPA/PFS
  • MRTP
  • CFIRS
  • CWS

Published: July, 2019

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

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • Introduction to international taxation and Tax Cuts and Jobs Act
    6 mins
  • Context of the discussion
    8 mins
  • What is required for a CPA to gather from his client?
    9 mins
  • What a CPA must determine?
    12 mins
  • Scenario 1 – Client owns less than 10% share in a foreign corporation.
    19 mins
  • Scenario 2 - Client owns 10% to 50% share in a foreign corporation i.e. not a CFC & not a SFC
    21 mins
  • Scenario 3 - Client owns 10% to 50% share in a foreign corporation i.e. an SFC & not a CFC
    23 mins
  • Scenario 4 – Client owns less than 10% share in a foreign corporation i.e. a CFC
    31 mins
  • Scenario 5 – Client owns less than 10% or more share in a foreign corporation i.e. a CFC – GILTI
    35 mins
  • Scenario 6 – Section 965 Transition Tax
    40 mins
  • Planning Opportunities
    49 mins

Course Description

The Tax Cuts and Jobs Act represents the largest change in tax law since the big Tax Reform Act of 1986. The Tax Cuts and Jobs Act (TCJA) of 2017 made fundamental changes to the international tax regime. This has presented a challenge to tax practitioners who have clients that own shares in private businesses abroad. The new law presents great planning opportunities and also contains serious pitfalls. 

Imtiaz Munshi, the learned speaker with over 33 years of experience, in this online CPE/CE webinar on Taxes, explores an overview of the taxation of shareholding in foreign corporations before the Tax Cuts and Jobs Act. The webinar will further cover how the TCJA has impacted this tax. It specifically covers what has remained the same as well as what has changed. 

Specifically, this calls for some obvious questions such as: 

  • What happens to the accumulated but undistributed profits of a foreign corporation? 
  • What reliefs are available for individual shareholders of a foreign corporation? 
  • Are there any ideas or guidance available for mitigating the tax? 
  • Is there any cause for alarm or traps that the professionals need to pay attention to? 

This webinar covers all of such aspects as well. 

This IRS-Approved Online CPE/CE course on Taxes covers the following Key Topics

  • The old and new rules on how US corporations operating abroad are taxed 
  • What the new Tax Cuts and Jobs Act (TCJA) of 2017 changed regarding US multinationals 
  • The international tax rules that affect all companies, including the new base erosion provisions of the TCJA 
  • How US tax rules affect foreign investors and the impact of various tax treaties 

This online CE course will provide basic knowledge that will alert attendees on what to focus on when serving clients with ownership in foreign corporations. This course uses scenario-based practical examples, This is one of the best ways to explore the possible tax impact in case of different situations. 

If you are looking for a certified course on sales and use tax then click here: Sales and Use Tax Fundamentals.

Learning Objectives

  • To explore taxation of shareholding in foreign corporations before TCJA 
  • To identify what has changed under TCJA and what’s remained the same 
  • To recognize what happens to foreign corporation’s old undistributed earnings: Sec 965 Transition Tax 
  • To explore what happens to foreign corporation’s new undistributed earnings as per guidelines of Sec 951A GILTI explained 
  • To identify the relief available for individual shareholders of foreign corporations: Sec 962 election 

Recommended For

  • This online CPE/CE webinar is IRS-Approved and is recommended for CPAs, AFSP, CRTP, EA, ORTP, Maryland Tax Prep., CFIRS, CWS, and other accounting and tax professionals who desire to help their clients with the best of the tax services

    Who Should Attend?

    • Accountant
    • Accounting Firm
    • Auditors
    • California Registered Tax Professional
    • Certified Public Accountant (CPA)
    • CFO/Controller
    • CPA (Industry)
    • CPA - Large Firm
    • CPA - Mid Size Firm
    • CPA - Small Firm
    • CPA in Business
    • Enrolled Agent
    • Entrepreneurial CPA
    • Finance Pros
    • Maryland Tax Preparers
    • Oregon Tax Preparers
    • Tax Attorney
    • Tax Firm
    • Tax Pros

    Course Qualification

    Webinar Qualifies For

    • 1 CE Credit for Annual Filing Season Program (AFSP)
    • 1 CE Credit for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0034)
    • 1 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
    • 1 CE Credit for Enrolled Agents (EA) (Approval No. GEHNZ-T-00016-19-S)
    • 1 CPD Credit of Personal Financial Planning for Personal Financial Specialist (PFS)
    • 1 CE Credit for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00016-19-S)
    • 1 CE Credit for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00016-19-S)
    • 1 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
    • 1 CE Credit for Certified Wealth Strategist (CWS)
    • 1 General Credit for Accountant/Bookeeper

    Additional details

    • Course Level :
      Basic
    • Credits :
      1
    • Instructional Method :
      QAS Self Study
    • 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

    Imtiaz Munshi, CPA (US)

    CFO/Controller, AZSTEC LLC

    Imtiaz Munshi is a Certified Public Accountant with over 33 years of experience working with small- and medium-sized businesses and accounting firms. Munshi founded Azstec and his CPA firm was instrumental in designing and testing of Azstec’s docNCRYPT encryption and also providing IT Security advisory to many small and mid -size accounting Firms. Munshi is highly experienced in M&A, sales and acquisitions of businesses, strategic planning and transaction structuring. He has acted as CFO for client companies as well as managing companies he created. Munshi has a BA in Finance and Accounting from University of East London.

    About Company

    AZSTEC LLC

    www.azstec.com

    Azstec LLC is a US company that was founded on the principle of helping businesses and individuals move, store and protect their confidential and sensitive information no matter where it is or whose hands it’s in. Our products were designed by users, like you, who needed to solve the problem of protecting their confidential information and were frustrated with the confusing and complex solutions on the market.

    Faq

    FAQs content

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    Ratings and Review

    4.3

    3 Ratings

    Excellent

    1

    Very Good

    2

    Average

    0

    Poor

    0

    Terrible

    0

    CGS

    Carl G Steiber, Accountant

    Feb 6th, 2020

    It was good.

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