Learn the Ins and Outs of the Foreign Tax Credit for Closely Held Businesses
The United States taxes U.S. taxpayers on their worldwide income, regardless of source. Since other countries frequently tax income earned within their borders, income earned by U.S. taxpayers can be subject to double taxation. Although the foreign tax credit is the primary tool by which U.S. companies operating abroad eliminate double taxation, credits are generally not available for every foreign tax paid.
This timely two-hour CPE webinar, presented by international tax and business practitioner and teacher, Robert J. Misey, Jr., J.D., LL.M., M.B.A., will provide a practical analysis of the foreign tax credit with helpful insights on how U.S. businesses can use the credit and file Form 1116 to mitigate the effects of double taxation.
Speaker: Robert J. Misey, Jr.
Program Topics
- Creditability of foreign taxes
- Difference between direct and deemed paid foreign tax credits
- Sourcing rules and how the sourcing rules limit the ability to credit foreign taxes
- Strategies for eliminating excess foreign tax credits
- Substantiation requirements for proof of foreign income taxes paid
- Completion of Form 1116