Tax Classification of Individuals

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

Published: May, 2022

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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

  • Income tax classification
    8 mins
  • Taxpayer classification
    28 mins
  • Special options for nonresident U.S. taxpayers
    39 mins
  • Foreign tax credit
    42 mins
  • United states transfer tax classification
    58 mins

Course Description

An individual’s classification for American tax purposes directly dictates her United States tax scope. Individuals classified for income tax purposes as “nonresident aliens” are taxed on American-sourced ordinary income and certain trade/business income (meeting threshold standards). Statutory standards provide default classification rules, modified by exceptions/tax treaty tiebreakers.

As a legal U.S. resident, you’re subject to the same tax rules as U.S. citizens. This means that you must report all income you earn on annual tax returns, regardless of which country in which you earn it. A non-resident must also pay income taxes to the IRS but only on the income that’s effectively connected to the U.S., which generally includes the money you earn while in the U.S. The IRS, however, has no authority to impose a tax on the income that nonresidents earn in their home countries or any foreign country for that matter.

Speaker Patrick McCormick in this CE course covers the classification of individuals for United States tax purposes. 

Following are the major topics covered in this Online CPE/CE taxation course:

  • Income Tax Classification
  • Taxpayer Classification
  • Special Options for Nonresident U.S. Taxpayers
  • Foreign Tax Credit
  • Foreign Earned Income Exclusion
  • Expatriation
  • United States Transfer Tax Classification

Coverage of this CE/CPE webinar begins with the classification of individuals as United States taxpayers for income tax purposes, covering statutory classifications and exceptions to the same. Income tax treaty reclassification provisions are also covered. Classifications for transfer tax purposes are then explored.

Learning Objectives

  • To discuss threshold-level considerations for Taxpayer Classification and Special Options for Nonresident U.S. Taxpayers.
  • To review Foreign Tax Credit.
  • To discuss Foreign Earned Income Exclusion.
  • To evaluate specific Expatriation requirements.
  • To analyze United States Transfer Tax Classification.

Recommended For

  • This IRS-approved CE webinar is recommended for CPAs, EA, AFSP, CRTP, MRTP, ORTP, CFIRS, CWS, tax partners, tax return preparers, tax attorneys, and other tax practitioners who want to understand the classification of individuals for United States tax purposes.

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Certified Public Accountant (CPA)
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial CPA
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Senior Accountant
  • Staff of Accounting Firm
  • 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

  • 1.5 General Credit for Accountant/Bookeeper
  • 1 CE Credit of Federal tax-related matters for Annual Filing Season Program (AFSP)
  • 1 CE Credit of Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0966)
  • 1.5 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 1 CE Credit of Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-01169-22-S)
  • 1 CE Credit of Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. Tax Classification of Individuals)
  • 1 CE Credit of Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. Tax Classification of Individuals)
  • 1.5 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 1.5 CE Credit for Certified Wealth Strategist (CWS)
  • 1.5 CPE Credit for Certified Government Financial Manager (CGFM)
  • 1.5 CPD Credit of Personal Financial Planning for Personal Financial Specialist (PFS)
  • 1.5 CPE Credit of Taxes for Chartered Financial Consultant (ChFC)
  • 1.5 CPE Credit for Financial Services Certified Professional (FSCP)
  • 1.5 CPE Credit of Taxes for Chartered Advisor in Senior Living (CASL)
  • 1.5 CPE Credit of Taxes for Chartered Special Needs Consultant (ChSNC)
  • 1.5 CPE Credit of Taxes for Retirement Income Certified Professional (RICP)
  • 1.5 CPE Credit of Taxes for Wealth Management Certified Professional (WMCP)

Additional details

  • Course Level :
    Basic
  • Credits :
    1.5
  • 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.

, 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

  • To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
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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

3.5

10 Ratings

Excellent

1

Very Good

3

Average

6

Poor

0

Terrible

0

Darthula Goetz
Darthula Goetz, ORTP

May 24th, 2022

I know that the instructor was ill at the time of the self study taping - but none of his slides and none of the few examples or stories helped me fully understansld the subject nor did it help in the testing.

CW

Carole Whitlock, Accountant, EA

May 19th, 2022

The instructor was very difficult to listen to. The material was good and informative. However, I doubt I would take another course he was teaching.

BM

Bruce Mclean, CPA (US)

May 20th, 2022

I could hardly understand what the instructor was saying

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