Reporting Foreign Accounts & Assets: FBAR vs. Form 8938
The Foreign Account Tax Compliance Act (FATCA), enacted to target noncompliance by U.S. taxpayers with certain foreign financial accounts and offshore assets, requires U.S. citizens and residents who own certain foreign financial accounts and offshore assets to report those accounts and assets on Form 8938.
This session will focus on FBAR reporting and contrast it with the filing requirements for Form 8938. Do we really have to file both?! Learn to distinguish between foreign accounts and foreign assets; become familiar with reporting thresholds; beware of the harsh consequences for non-compliance. But there’s more: Forms 3520, 5471, 8621, 8865 and 8891. Forms 926, 5472, 8300 and 8854. Find out what the wrath of FATCA has wrought
Upon completion of this course, you will be able to:
- Identify when a taxpayer has a foreign reporting obligation
- Determine reporting threshold
- Recognize the overlap of reporting mandates stemming from regulations enacted decades apart.
- Compile the information necessary to properly report foreign accounts and assets.
- Implement best practices to help clients avoid penalties and potential criminal prosecution.
- Understand the options available to those who have been non-compliant.
- Distinguish between foreign accounts and foreign assets
- Determine who is required to file Form 8938 and the FBAR Form
- Outline what is required to be reported on each Form
- Compare Form 8938 and FBAR Filing Requirements
- Identify Form 8938 filing exceptions and its relationship among other tax forms
Credits and Other information:
- Recommended CPE credit – 2.0
- Recommended field of study – Taxes
- Session Prerequisites and preparation: None
- Session learning level: Basic
- Location: Virtual/Online
- Delivery method: Group Internet Based
- IRS Course ID: PJGWS-T-00062-22-O
- Attendance Requirement: Yes
- Session Duration: 2 Hours
- Case Studies and Live Q&A session with speaker
- PowerPoint presentation for reference
Who Will Benefit:
- Tax Attorneys
- Tax Compliance Managers
- Other Tax Professionals