U.S. Individual Taxation: Residential Status and Prior Year Tax Returns
What you will learn
Criteria for determining resident and non-resident status
Substantial Presence Test and Green Card Test
Dual-status residency and its tax implications
Filing requirements for residents and non-residents
Taxable income sources based on residency
Tax treaty benefits and limitations
Using prior tax returns for reference and planning
Carry forwards of deductions or credits
Avoiding errors with prior tax returns
Key documents needed for accurate filing
IRS guidelines for amended returns
Why take this course?
U.S. Individual Taxation: Residential Status and Prior Year Tax Returns
Master the fundamentals of U.S. individual taxation with a focus on determining residential status and effectively using prior year tax returns. This comprehensive course is designed for individuals, tax professionals, and students seeking a clear understanding of residency criteria, filing requirements, and strategic tax planning.
What You’ll Learn
- Residency Criteria: Understand the criteria for identifying resident and non-resident status, including the Substantial Presence Test and Green Card Test.
- Dual-Status Residency: Explore the tax implications of dual-status residency and learn how to navigate related filing complexities.
- Tax Filing Requirements: Discover the distinct filing obligations for residents and non-residents, including the treatment of taxable income and applicable tax treaty benefits.
- Utilizing Prior Tax Returns: Learn how to reference prior year tax returns for effective tax planning, identify carryforwards, and avoid common filing errors.
- Amended Returns: Gain insights into key IRS guidelines and documents needed for accurate amendments to previous returns.
Course Structure
The course is divided into engaging video modules with clear examples and practical exercises:
- Overview: Get an introduction to residential status and leveraging prior year tax returns for accurate filings.
- Using Prior Tax Returns: Learn how to utilize previous tax documents to avoid errors and plan deductions or credits.
- Residential Status Identification: Deep dive into residency determination for Green Card holders, substantial presence, and non-resident aliens.
- Illustrations: Follow detailed examples to confidently determine residential status in various scenarios.
- Key Considerations: Understand critical factors in classifying individuals as resident or non-resident aliens.
- Practice Questions: Test your knowledge with practical questions to reinforce your understanding.
Who Should Enroll
This course is ideal for taxpayers, accounting students, and financial professionals looking to strengthen their expertise in U.S. individual taxation. Whether you’re preparing for tax season or enhancing your professional knowledge, this course will empower you with actionable insights and practical tools.
Join us and take control of your tax knowledge today!