Working Abroad and Form 2555
As world economies change and companies increase business activities around the world, more and more U.S. taxpayers are working abroad. With this comes the responsibility of reporting and paying taxes on income in both the U.S. and the country of employment. In an effort to mitigate this potential double taxation, §911 provides a foreign earned income exclusion and a foreign housing deduction or exclusion to qualifying taxpayers. Form 2555, Foreign Earned Income, calculates these exclusions. This comprehensive course explores the tax implications of working abroad and introduces the forms needed to file the taxpayer’s return correctly.
Upon completion of this course, you will be able to:
- Determine if a client qualifies for the foreign earned income exclusion and the foreign housing deduction or exclusion.
- Differentiate between the foreign housing deduction and exclusion.
- Identify social security issues and self-employment issues related to working abroad.
- Summarize how totalization agreements and tax treaties with foreign countries impact the taxpayer.
- Prepare Form 2555, Foreign Earned Income, to determine the appropriate foreign income exclusion for the taxpayer.
This course includes an e-book. CPE is issued after exam is successfully completed.