Gain a better understanding of the issues related to foreign operations and maintain compliance with U.S. tax law.
Foreign operations can present a great opportunity for a U.S. company with worldwide activity, but it can raise a number of U.S. tax issues. Proper tax planning in establishing foreign operations, and an understanding of the ongoing U.S. tax disclosures and other requirements they create, are essential to avoiding problems down the road. This course will provide an overview of the issues (and highlight some potential pitfalls) related to foreign operations creating U.S. ownership, timing taxable earnings, maintaining compliance with U.S. tax law and disclosure requirements, and keeping current on recent tax legislation.
Learning Objectives
- You will be able to discuss U.S. issues and decisions to make for foreign operations.
- You will be able to explain U.S. disclosure requirements for foreign operations.
- You will be able to identify how U.S. ownership impacts the reporting of foreign entities.
- You will be able to describe the recent tax legislation that impacts foreign operations.
Agenda
Establishing Foreign Operations
- Identify Options for Foreign Activities
- Choice of Entity Alternatives
- Foreign Operations and Tax Rates
- Method of Accounting Issues
Tax Consequences of U.S. Ownership
- U.S. Ownership Subject to Disclosure
- Controlled Foreign Corporations
- Subpart F Definitions and Issues
- Global Intangible Low-Taxed Income
Tax Reporting and Disclosure Issues
- FBAR and Foreign Financial Assets
- Foreign Investments and Transfers
- U.S. Tax Withholding and Treaties
- U.S. Disclosure Requirements
- Transfer Pricing Issues
New Issues Under Recent Tax Legislation
- U.S. Policy on Territorial Tax System
- U.S. Inclusion of Foreign Income
- Low Tax Rates on Foreign Income
- What Repatriation to U.S. Means
Speakers
Thomas M. Kosinski, C.P.A., M.S.T.,
Ostrow Reisin Berk & Abrams, Ltd.- Member of tax department at Ostrow Reisin Berk & Abrams, Ltd., since 1994, and became a director in 2001
- Frequent speaker with the Illinois CPA Society covering federal and state tax updates, IRS matters, individual and corporate tax compliance, and flow-through income tax strategies
- Offers more than 25 years of experience providing strategic tax planning and technical advice for individuals and the owners of closely held companies
- Provides specialized tax planning services to his clients, which include high net worth individuals and business entrepreneurs
- Significant industry experience including real estate and commodities/securities
- Researchs and implements a wide range of federal and Illinois tax strategies, and represents numerous Illinois taxpayers during IRS and Illinois Department of Revenue audits
- Consults with firm clients on state and local taxation issues and manages firm issues relating to international taxation
- Assists U.S. based entities in planning for foreign operations as separate entities, branches or divisions
- Active member and a former president of the Illinois CPA Society Chicago South Chapter and a member of the American Institute of Certified Public Accountants
- Contributing author for a tax newspaper column and previously a co-author for a tax savings publication for individual taxation
- M.A. degree in taxation, B.S. degree in accounting, summar cum laude, DePaul University
Who Should Attend
This live webinar is designed for accountants, attorneys, presidents, vice presidents, controllers, tax managers, business owners and managers, finance executives, directors, bookkeepers, and tax preparers.
