Income Sourcing Rules

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Course Description
Course Qualification
Presenter
FAQ

Course Description

Overview

Income sourcing rules

5 mins
Income sourcing rules - Personal services income

27 mins
Multiyear compensation arrangements

51 mins
Income from properry disposition

68 mins
Foreign derived intangible income

82 mins

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.

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 nonresidents. 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 nonresidents.
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
Certified Public Accountant (CPA)
Enrolled Agent
Maryland Tax Preparers
Oregon Tax Preparers
Tax Firm
Tax Preparer
Tax Professionals

Course Qualification

Webinar Qualifies For

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

Additional details

Course Level :

Basic
Credits :

2.5
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

Lambers, Inc.

Owner, 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

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