Course Description

In an increasingly global world, more and more taxpayers are becoming subject to international reporting requirements. Some of the more common forms required of domestic taxpayers with interests abroad are Forms 1116, 5471, and 926. In this course, we will explore who needs to file these forms and who doesn’t. Using easy to follow explanations and examples, we will also explore situations where filing exceptions are available – and common stumbling blocks for practitioners.

Learning Objectives

  • Recognize the different categories of income for purposes of Form 1116.

  • Identify the different categories of Form 5471 filers and how this affects what schedules are filed.

  • State reportable transactions on Form 926.

Additional Required Materials

  • Level: Overview

  • Field of Study: Taxes (NASBA); Federal Taxation (IRS)

  • Who Should Attend: Tax practitioners with domestic clients who have international tax interests

  • Required Knowledge: None

  • Advanced Prep: None

Instructor

CPA, CPCU, MST, MBA David Peters

David Peters is the Founder and Owner of Peters Tax Preparation & Consulting in Richmond, VA. He has over fourteen years of experience in financial services, including 3 years in the hedge fund industry and six years in the insurance industry. David was the first-ever Chief Financial Officer at Compare.com - a position he held for over three years. He is a national CPE Instructor/Discussion Leader for the AICPA, Surgent, and Kaplan. He regularly teaches courses in accounting, finance, insurance, and ethics throughout the United States. He holds four Masters degrees and contributes regularly to various CPA publications, including NCACPA’s Interim Report, SCACPA’s CPA Report, and VSCPA’s Disclosures. He was also a co-author of the 2018 Virginia CPA Ethics course – a required course for all CPA’s licensed in the Commonwealth of Virginia.