Foreign Losses, Foreign Currency, and Compliance
Available Anytime
Location:
Online
5Credits
Technical Business
Registration is Open
FICPA Members
Nonmembers
$129.00 Regular Price
Product Code: AI23-ITCF
Level: Basic
Vendor: AICPA CPE Division
Field of Study: Taxes
Overview:
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.
Objectives:
Learning Outcomes
- 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
Major Topics:
Key Topics
- Identifying applicability
- Calculating DCL
- Triggering events
- Compliance
- Sections 987, 988, 989, 986(c)
- Forms 5471, 8858, 8865, 926
- Transactional disclosures