BarbriSFCourseDetails
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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Tax Preparer

Date & Time
  • event Date

    Thursday, February 27, 2020

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    110 minutes

Credit Information

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

  • BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

$197.00

This course will assist tax preparers with the complexities of filing U.S. Form 1040, U.S. Individual Income Tax Return, for taxpayers who are also filing Form ITR in India. Our panel of experts will review and explain India's Form ITR, including its categories of income and deductions. They will help simplify the calculation of the related foreign tax credit and identify taxable retirement accounts and foreign reporting obligations for individuals filing returns in both countries.

Faculty

Parthiban Christy
Shareholder
MyTaxFiler

Ms. Parthiban joined the MyTaxFiler team in 2018 after having worked with leading organizations including a Big 4. Since beginning her career in 2005, she has been a sought-after professional by her stakeholders because of her work ethics, knowledge and commitment. Ms. Parthiban is an Enrolled Agent admitted to practice before the IRS, cleared CA intermediate level with the Institute of Chartered Accountants of India (ICAI) and holds a distance MBA degree with IGNOU, New Delhi. Her expertise is spread around but not limited to U.S. tax compliance, IRS audit representation, handling high net worth clients with complex tax filings, tax planning, cross-border awareness on several other countries including UK and India. She also advises clients who have missed compliance on filing FBAR and reporting offshore income, to enroll under IRS amnesty programs such as the Offshore Voluntary Disclosure Program and Streamline Filing Procedures.

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Yathiraj Ravi
Shareholder
MyTaxFiler

Mr. Yathiraj's expertise is spread around but not limited to U.S. tax compliance, IRS small business & individual audit representation, passthrough entities tax compliance, handling high net worth clients with complex tax filings, tax planning, cross-border awareness, withholding tax requirements for nonresident aliens and foreign entities.

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Description

The complexities of filing individual income tax returns for U.S. persons (residents and green card holders and citizens) who also file Indian returns are many. Since the U.S. taxes worldwide income and not all earnings that are tax-exempt in India are tax-exempt in the U.S. (NRO accounts, for example), earnings from these additional accounts must be identified and included on the individual taxpayer's 1040, Schedule B. Understanding the tax treatment of investment accounts unique to India is critical for practitioners preparing these returns for clients.

Our panel will review details of Indian income tax returns, including the types of income taxed, relative tax rates which helps the tax professional understand the return in entirety and will be able to maximize the foreign tax credit for double-taxed income. They will address additional challenges relative to reconciling the types of income taxed and tax withheld at source given that the U.S. follows calendar year and India follows the assessment year April 1 to March 31.

Listen as our panel fleshes out taxable income, deductions, credits, and accounts required to meet U.S. reporting obligations for Forms 8938 and the FBAR, and as well as outlines ways to minimize taxes paid on Form 1040 by taxpayers filing returns in both the United States and India.

Outline

  1. Identifying taxpayers with filing obligations in the U.S. and India
  2. Review of Forms ITR: categories of income and deductions
  3. U.S. taxation of Indian investment and retirement accounts
  4. Calculating the foreign tax credit
  5. Accounts subject to FATCA and FBAR reporting
  6. Inheritance taxes
  7. Other unique issues

Benefits

The panel will review these and other critical issues:

  • Heads of income and tax rates of income on India's Forms ITR
  • Taxable income and reportable accounts often held by dual U.S.-India filers in the return and FBAR/FATCA filings
  • The taxability and reportability of Indian investment and retirement accounts
  • Calculation of the foreign tax credit considering the fiscal year ITR
  • Help understand mutual fund investments in India and its impact on the U.S. tax return and proper planning strategies
  • Basic inheritance considerations for assets obtained from India
  • Exchange rates to be used for the income/expense item
  • Identify taxable retirement accounts and foreign reporting obligations for individuals filing returns in both countries

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Identify easily overlooked Indian reportable accounts held by dual filers
  • Ascertain ways to calculate the foreign tax credit efficiently
  • Determine tax considerations of beneficiaries receiving Indian assets
  • Decide how Indian Form ITR income is taxed on the U.S. Form 1040

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).