CPE: 1 hours
Advanced prep: None
Who should attend: Tax practitioners advising U.S. taxpayers on foreign tax issues or preparing income tax returns for Americans abroad.
The Foreign Earned Income Exclusion and related housing deduction/exclusion are ways for Americans abroad to reduce or eliminate their U.S. income tax liability. Qualifying for these benefits, however, is complex and understanding what may be excluded is not always clear. Learn how to determine whether an individual will qualify for the exclusion and how to prepare Form 2555.
- Determine Foreign Earned Income Exclusion eligibility.
- Identify how to prepare Form 2555 to take advantage of the exclusion.
- Section 911
- Foreign source vs domestic source earned income
- Bona fide resident test
- Physical presence test