Foreign Losses, Foreign Currency, and Compliance
A detailed overview of dual consolidated loss, foreign currency, and international tax reporting rules.
Format
Online
NASBA Field of Study
Taxes
Level
Intermediate
CPE Credits
4.5
Author(s)
Sam Edvalson, Pamela Whitehead, Maria Chiarino, Eric Johnson, Brandon Joseph
Availability
1 year
Product Number
ITCF25SSO
Mastering foreign loss tax implications
Dual resident corporations may be subject to the dual consolidated loss (DCL) rules that the U.S. Congress implemented in the 1980s. This course focuses on the complexities of DCLs, including their computation and the events that trigger DCL recapture.
Updated for OECD Pillar 2 developments
We’ve updated this course to discuss the interaction between DCLs and Pillar 2 of the Organisation for Economic Co-operation and Development (OECD) base erosion and profit shifting (BEPS) plan.
Facing foreign currency woes
This course also covers various foreign currency rules and regimes under U.S. tax law. It provides a complete discussion of:
- Interactions of foreign currency rules
- Qualified business units
- Determination of a foreign entity’s functional currency
Complying with international tax reporting requirements
This course also provides a detailed session on U.S. federal income tax compliance, focusing on outbound transactions. Learners are exposed to the required forms to be filed and the failure-to-file consequences.
Part of a comprehensive international tax education
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.
Who Will Benefit
Public and corporate tax professionals interested in building a solid foundation in U.S. international taxation.
Key Topics
- Calculation of dual consolidated losses (DCLs)
- DCL recapture triggering events
- Foreign currency transaction rules
- Qualified business units
- International tax reporting requirements
Learning Outcomes
- Recall the purpose of dual consolidated loss (DCL) rules.
- Recognize triggering events that give rise to a DCL recapture.
- Recognize DCL reporting requirements.
- Analyze the interaction of foreign currency transaction rules.
- Identify a qualified business unit (QBU) under Section 989.
- Determine functional currency for foreign entities under Section 985.
- Recognize the complexities of branch and disregarded entity (DRE) currency transactions under Section 987.
Group ordering for your team
2 to 5 registrants
Save time with our group order form. We’ll send a consolidated invoice to keep your learning expenses organized.
Start order6+ registrants
We can help with group discounts. Email client.support@aicpa-cima.com
US customers call 1-800-634-6780 (option 1)
The Association is dedicated to removing barriers to the accountancy profession and ensuring that all accountancy professionals and other members of the public with an interest in the profession or joining the profession, including those with disabilities, have access to the profession and the Association's website, educational materials, products, and services.The Association is committed to making professional learning accessible to all product users. This commitment is maintained in accordance with applicable law. For additional information, please refer to the Association's Website Accessibility Policy. As part of this commitment, this product is closed-captioned. For additional accommodation requests please contact adaaccessibility@aicpa-cima.com and indicate the product that you are interested in (title, etc.) and the requested accommodation(s): Audio/Visual/Other. A member of our team will be in contact with you promptly to make sure we meet your needs appropriately.