Wage Reporting, Fringe Benefits and the Foreign Earned Income Exclusion

Lecture Content

This lecture covers taxability of wages, tip income, and fringe benefits as well as how to claim the foreign earned income exclusion.

Topics Covered

* Identifying who is an employee
* Form W-4 – Employee’s Withholding Allowance Certificate
* Detailed overview of Form W-2 – Wage Tax Statement
* Identifying taxable wages
* Taxable and nontaxable fringe benefits
* Reporting wage income and tips
* Rules for reporting allocated tips
* Preparation of Form 4137 – Social Security and Medicare Tax on Unreported Tip Income
* Taxable scholarship and fellowship income
* Fulbright grants
* Figuring and reporting the taxable part of state and local refunds
* Reporting unemployment compensation
* Rules for identifying and reporting taxable alimony income
* Reporting gambling winnings
* Reporting cancelled debt
* Cancellation of debt in principal residence
* Situations in which cancelled debt may not be taxable
* Preparation of Form 982 – Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1082 Basis Adjustment)
* Who can claim the foreign earned income exclusion
* Bona fide resident and physical presence tests
* Form 2555 – Foreign Earned Income Exclusion

You can purchase the manual for this course for $1.99 at http://pnwtaxschool.com/oc-catalog/selfpaced/section-1139?formats=8

Pacific Northwest Tax School is approved by the following organizations as a provider of continuing education:

* The IRS
* NASBA QAS (NASBA Sponsor #109290),
* Oregon Tax Board,
* The Texas State Board of Public Accountancy (Texas Sponsor #009794)
* The New York State Board for Public Accountancy (Sponsor License #002479)

You can receive 1 hour of free CE by enrolling in this course athttp://pnwtaxschool.com/oc-catalog/all/section-922

Terms of Use or Enrollment

Pacific Northwest Tax School’s course materials and teaching techniques are valuable proprietary information of Pacific Northwest Tax School, and all such information is subject to copyright, including written, recorded, internet based as well as all other electronic media. Each Student agrees that she/he will use the information only for purposes of education and training; and as a condition of enrollment, that they will not disseminate the information to any third party and will treat the materials as confidential information of Pacific Northwest Tax School. As a condition of enrollment, Students pledge not use any information in any competitive fashion, including to create or derive competitive materials. Students further agree that any breach of these terms and conditions shall cause the school irreparable harm, entitling Pacific Northwest Tax School to injunctive relief, as well as any other remedy that may be available at law or equity. Students shall have twelve months from date of enrollment in any continuing education course, to successfully complete the course and receive their Certificate of Completion.