International tax issues are becoming omni-present, even for individuals and small, medium or large companies that never had an inkling they would. This is the first in a series of courses on Practical International Tax Issues for Non-Specialists. This course’s focus is the:

  1. Tax residency rules (individuals and corporations) under domestic law and treaty.
  2. How those rules impact information disclosure requirements for foreign financial accounts (think FBAR / FinCEN 114 / Form 8938).
  3. The requirements for reporting those foreign accounts.
  4. Helpful hints.
  5. What happens if you’re not in compliance and therefore have exposure. [The course briefly touches upon the concepts of Voluntary Disclosure, Streamlined Filing Compliance Procedures and Reasonable Cause filings; however, that is not the focus.]

 

Course Key Concept: Course Search Keywords, International Tax, Global tax, FBAR, Report of Foreign Bank and Financial Accounts, FinCEN, Financial Crimes Enforcement Network (FinCEN), 8938, Foreign financial accounts, Foreign bank accounts, Residency, Tax treaty, Tax treaties, Resident Alien, US citizen, Green Card, 183 days, Bank Secrecy Act (BSA).

Course Series

This course is included in the following series:

7 CoursesPractical International Tax for the Non-Specialist

  1. Practical International Tax for the Non-Specialist #1: Tax Residency and Foreign Financial Account Disclosures
  2. Practical International Tax for the Non-Specialist #2: Case Study - US Person Earning Foreign Income and then Transferred to Foreign Subsidiary.
  3. Practical International Tax for the Non-Specialist #3: Anti-deferral overview - Subpart F and CFCs.
  4. Practical International Tax for the Non-Specialist #4: US Taxation of Nonresident Individuals
  5. Practical International Tax for the Non-Specialist #5: Section 956, Investment of Earnings in US Property
  6. Practical International Tax for the Non-Specialist #6: Check The Box Overview (Entity Classification Election)
  7. Practical International Tax for the Non-Specialist #7: Foreign Investment in US Real Property - FIRPTA
Learning Objectives
  • Explore the US tax residency rules under the Internal Revenue Code and tax treaties.
  • Identify the types of questions you need to ask so you can determine if someone is a US tax resident.
  • Recognize the US rules for disclosing information about foreign financial accounts and the forms that need to be filed, due dates and helpful hints.
  • Discover the potential consequences of not complying.
Last updated/reviewed: March 22, 2024
15 Reviews (64 ratings)

Reviews

5
Member's Profile
This instructor gave an easy to follow overview of FBAR Issues. We must take into account that 2024 may have some differences such as maximum penalty. But this was a clear and concise presentation of the nuances regarding FBAR and Form 8938 Filings.
5
Anonymous Author
This has been one of my favorite courses in Illumeo. Good facts presented in an easy to follow manor. Future session that i would love to see is on PFIC for Americans wanting to tax plan for retirement while living overseas. thanks for the great information!
5
Member's Profile
Good overview and introduction. The length was good and the instructor was interesting to listen to.Note that the course is dated from 2020. I don't know if there are any changes to the information discussed, but it is a bit out of date.
5
Member's Profile
Slides were very helpful and didn't overwhelm with too much information. Course was well thought out and didn't go into too much details - however, I walked away with a better understanding.
5
Member's Profile
Great course. It's not always easy to get through a tax training, but this one was upbeat and interesting so it flew by.
5
Member's Profile
I don't know much about this topic so found it very interestng the way it was presented. Good info to know. Thanks Marc.
5
Anonymous Author
Short and informative. This course provides an overview of what it says it does (tax residency requirements).
5
Member's Profile
great overview and explained well. The course did not try to do more than possible in the time allotted.
5
Member's Profile
The instructor was amazing - very engaging and he shared really practical information!
5
Anonymous Author
not lengthy in learning topics but will give you high level pointers to remember
5
Anonymous Author
Excellent and informative course, would love to have an advanced course as well.
4
Member's Profile
Good course. Helpful for understanding some of the complexity in this area.
5
Member's Profile
Excellent presentation, filled with so much relevant information.
5
Member's Profile
This gets straight to the point and adds some anecdotal flair.
5
Member's Profile
Great summary and overview with relevant examples.
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Prerequisites
Course Complexity: Foundational

No advanced preparation or prerequisites are required for this course. However it is recommended to take other Tax courses by Marc Schwartz: Practical International Tax for the Non-Specialist

Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
  Course Overview CPE
Course Syllabus
INTRODUCTION AND OVERVIEW
  Introduction to Practical International Tax for the Non-Specialist #1: Tax Residency and Financial Disclosures2:23
  Tax Residency8:09
  Tax Residency Continued8:11
  International Tax1:42
  Foreign Financial Accounts Disclosures15:03
  Foreign Financial Accounts Disclosures Cont'd5:03
CONTINUOUS PLAY
  Practical Int'l Tax for the Non-Specialist #1: Tax Residency and Foreign Financial Account Disclosures40:31
SUPPORTING MATERIAL
  Slides: Practical International Tax for the Non-Specialist #1: Tax Residency and Foreign Financial Account DisclosuresPDF
  Practical Int'l Tax for the Non-Specialist #1:Tax Residency and Foreign Financial Account Disclosures Glossary/ IndexPDF
  Internal Revenue Code: Practical Int'l Tax for the Non-Specialist #1: TRFFA DisclosuresPDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam