Maximizing Foreign Tax Credits: Planning and Compliance
Authored by Robert Misey
About this Course
Topics covered in this course include: 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; Preparing Form 1116 and the Form 1118
How to determine the creditability of a foreign tax; The difference between the direct foreign tax credit and the deemed paid foreign tax credit; Basket limitations for passive limitation income and general limitation income; How to complete the Form 1116 and the Form 1118.
Basic understanding of U.S. federal taxation of international transactions and businesses.