Beyond the Basics of FATCA: Foreign Retirement Account Reporting
PRESENTER(s): Monica Haven
This program has been approved IRS CPE Credit 2(Taxes)
US citizens living and working abroad face a myriad of onerous reporting requirements for foreign bank accounts and assets. The US Treasury has engaged in much-publicized enforcement activity which has compelled taxpayers to become compliant with their FinCEN 114 and Form 8938 filing obligations. But it may well be too soon to rest easy if our clients are invested in passive foreign investment companies (PFICs) such as foreign money market accounts [yikes!], mutual funds, hedge funds, insurance products and [oh my!] pension and retirement accounts since these generally do not enjoy the same tax benefits of their American counter-parts. This class will unveil the complexity of the mandated reporting regime for PFICs (Form 8621) and for those investments deemed to be foreign “trusts” (Form 3520).
- Distinguish between foreign bank account, foreign asset and foreign retirement account reporting
- Understand that certain investment accounts held abroad may be deemed to be passive investment companies and/or trusts subject to additional disclosures
- Recognize that the income tax treatment of foreign retirement accounts differs significantly from the treatment of "qualified" accounts held in the U.S.
- Properly complete forms mandated under the FATCA reporting regime
- Appreciate the gravity and high cost of non-compliance .
Credits and Other information:
- Session Duration: 2 Hours
- Case Studies and Live Q&A session with speaker
- PowerPoint presentation for reference
- Session learning level: Introductory
- Delivery method: Group Internet Based
- IRS Credits: 2 Tax Hours
- IRS Course ID: PJGWS
Who Will Benefit:
- Tax Attorneys
- Tax Compliance Managers
- Other Tax Professionals