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

  • AFSP
  • CPA (US)
  • EA
  • Tax Preparer

Published: December, 2021

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  • Course Description
  • Course Qualification
  • Presenter
  • Faq

Course Description

Overview

  • Adverse conditions waiver
    3 mins
  • More bona fide residence factors
    14 mins
  • Delayed filing form 2555 elections
    27 mins
  • Part 3 physical presence test
    35 mins
  • Housing notes and reminders
    48 mins
  • Foreign tax credit (FTC) Facts
    65 mins
  • Weigh the possibilities
    76 mins

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
    • Tax home in a foreign country
    • 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
  • Bookkeepers & Accountants & Tax Preparers
  • California Registered Tax Professional
  • Certified Public Accountant
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Enrolled Agent
  • Entrepreneurial CPA
  • 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 Tax Professionals (Approval No. GEHNZ-T-00664-21-S)
  • 2 CE Credit of Taxes for Enrolled Agents (EA) (Approval No. GEHNZ-T-00664-21-S)
  • 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)

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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