Foreign Losses, Foreign Currency, and Compliance
Focuses on the dual consolidated loss rules.
Format
Online
NASBA Field of Study
Taxes
Level
Basic
CPE Credits
5
Author(s)
Sam Edvalson, Pamela Whitehead, Maria Chiarino, Eric Johnson, Brandon Joseph
Availability
1 year
Product Number
ITCF21SSO
Build a solid foundation.
This self-study online course is part of the U.S. International Tax Certificate, a comprehensive learning program geared to help global finance and accounting professionals navigate the highly complex world of international taxation. This course can be purchased individually or as part of the U.S.International Tax: Inbound and Outbound Transactions bundle. You must purchase the bundle to earn the digital badge.
The CPE self-study course focuses on the Dual Consolidated Loss (DCL) rules. It then covers various foreign currency rules and regimes under U.S. tax law. Finally, there is a detailed session on U.S. Federal income tax compliance regarding outbound compliance.
- Senior associates through managers in public accounting who assist clients with tax implications of their global operations
- Owners, finance professionals, and CFOs of closely-held businesses with international operations
- Identifying applicability
- Calculating DCL
- Triggering events
- Compliance
- Sections 987, 988, 989, 986(c)
- Forms 5471, 8858, 8865, 926
- Transactional disclosures
- Identify fact patterns that may give rise to a Dual Consolidated Loss
- Recognize triggering events that may give rise to Dual Consolidated Loss Recapture
- Identify certain exceptions to triggering events
- Apply Dual Consolidated Loss reporting requirements
- Determine what is considered a Qualified Business Unit (QBU) under §989
- Determine functional currency for foreign entities under §985
- Recognize the complexities of branch and disregarded entity (DRE) currency transactions under §987
- Explain currency translation rules under §986
- Identify a section 988 transaction
- Identify the various types of international reporting forms and how they apply to given situations
- Identify when special transactional disclosures are required
- Complete Forms 5471, 8858, 8865, and 926
- Identify the consequences of non-compliance
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