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.

Highlights

Key Topics

Identifying applicability
Calculating DCL
Triggering events
Compliance
Sections 987, 988, 989, 986(c)
Forms 5471, 8858, 8865, 926
Transactional disclosures

Prerequisites

None

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