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Untangling the Complexities of the Form 1040-NR

Guide your international clients who work and live both inside and outside of the United States.

The benefit of this topic is to bring you up to date on all of the changes and nuances of the impact of international tax issues when dealing with the taxing authorities of two or more countries. It will help you guide your international clients who work and live both inside and outside of the United States. You will be able to address their real-life issues relating to taxation in the U.S., such as how immigration status affects filing requirements, taxability of worldwide income, U.S. versus foreign country taxing requirements and how the form 1040NR can help, but also limit, tax savings for your clients.

Learning Objectives

  • You will be able to determine who is required to file the 1040-NR
  • You will be able to differentiate who is eligible to use the Form 1040 NR
  • You will be able to identify the requirements for the Residency Test.
  • You will be able to recognize pitfalls of the Form 1040NR

87 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Introduction

  • Complexities of the Modern World
    • Differing Tax Jurisdictions and Regulations
  • Ease of Travel
  • Working in Other Countries

Is the Form 1040-NR Right for You?

  • Who Is Eligible to Use Form 1040-NR?
    • Individuals
    • Foreign Owned LLCs

Special Rules for Dual Resident Taxpayers

  • What Is a Dual Resident?
  • Specified Foreign Financial Assets

Definition of Alien

  • Why Is the Definition Important?
  • Resident Alien - Who Qualifies?
  • Nonresident Alien - Who Qualifies?

Why Does Residency Matter?

  • What Are the Tests of Residency?
    • Green Card
    • Substantial Presence Test
  • Arguments Against Residency
    • Closer Connections
    • Individual's Intent

How Are Income Tax Treaties Utilized?

  • When Are They Relevant?
  • What Takes Precedence?
    • Treaties
    • IRS Code and Regs

What Income Is Taxed on Form 1040-NR?

What Deductions Are Allowed on Form 1040-NR

  • Differences Between Form 1040 and Form 1040-NR

Pitfalls to Be on the Lookout For

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Why Lorman?

Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on November 15, 2021.

Call 1-866-352-9540 for further credit information.

  • AIPB 1.5
     
  • This program is acceptable for 1.5 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     
  • Enrolled Agents 1.0
     
  • This program qualifies for 1.0 hours of Continuing Education Credit for enrolled agents under Treasury Department Circular #230 Section 10.6(g).
     
  • CPE/NASBA - QAS Self Study 2.2 including Taxes 2.2
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study 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 web site: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.2 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 2.2 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
     

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This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Janathan L. Allen

Janathan L. Allen

Allen Barron, Inc.

  • Partner in the office of Allen Barron, Inc. & Janathan L. Allen, APC – Attorney
  • Practice emphasizes all aspects of domestic and international tax law, business and commercial law, transactional planning, corporate and securities law, intellectual property law, and trusts and estates law
  • Conducts regular seminars and workshops on Tax-Advantaged Corporate Structures and Tax Minimization, Trusts -The Ultimate Guide, Estate Planning & Administration for Family Businesses, Business Entity Choices, and moderator for the San Diego Business Summit
  • Author of several publications related to the areas of complex international tax (The American/Expats in UK Magazine) bi-monthly contributor; white papers including IRS Audit, The Life Cycle of Business, IRS Offshore Reporting (FBAR & FACTA), California’s Prop 65, The Value of Integrated Legal, Tax, Accounting and Business Advisory Services
  • Membership information: Board of Directors, North San Diego Business Chamber; California Bar Association; American Bar Association; San Diego County Bar Association
  • L.L.M. degree in taxation, University of San Diego School of Law, San Diego; J.D. degree, Southwestern University School of Law, Los Angeles; ; M.B.A. degree in International Finance, University of San Diego; Bachelor of Science, Accounting, University of Montana
  • Can be contacted at [email protected] or 866-631-3470
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Over 35 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 409350
Published 2021
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