This edition of the EA Journal Exam will cover S corporations / International tax issues.

Overview of Articles
The Creditability of Contemporaneously Paid Foreign Taxes
Anthony (“Tony”) Malick
Depending on any given cash basis taxpayer’s facts and circumstances, there could be differences between the amount of foreign taxes paid during a taxpayer's U.S. tax year and the amount of paid foreign taxes that may be claimed by the taxpayer as a credit during that same U.S. tax year.

Tax Compliance for Refugees
Mary Beth Lougen, EA, USTCP
Upon entering the United States, immigrants, refugees, and asylees all become subject to the Internal Revenue Code and must navigate how to file their taxes under one of the world’s most complex tax codes.

The Best (and Worst) Countries for Crypto Taxes in 2023
Zac Maclure and Tynisa (“Ty”) Gaines, EA
Tax treatment of cryptocurrencies varies from region to region, and while some nations have embraced lenient policies, others impose heavy taxation on crypto transactions.

Tax Court
Late-Filed Collection Due Process Requests May Now Be Honored
Thomas A. Gorczynski, EA, USTCP
If a taxpayer has an unpaid tax debt, the Internal Revenue Service (IRS) may take certain enforced collection actions provided it gives the taxpayer a right to contest those actions.

Preparation
Debt Basis: Is It What You Think It Is?
LuSundra Everett, EA, NTPI Fellow®
With the creation of Form 7203, basis has become a hot topic. There are two types of basis in an S corporation: stock basis and debt basis. A shareholder can have both stock and debt basis. This article focuses on debt basis.

Supreme Court
U.S. Supreme Court to Consider Constitutionality of Repatriation Tax: Moore v. United States
Rita M. Ryan, JD
The United States Supreme Court will consider the constitutionality of Internal Revenue Code (IRC) §965, which mandated the repatriation tax on previously untaxed income from controlled foreign corporations (CFCs).