Reporting Foreign Accounts & Assets: FBAR vs. Form 8938
PRESENTER(s): Patrick McCormick, JD, LLM
This program has been approved NASBA & IRS CPE Credit 2(Taxes)
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
- Identify when a taxpayer has a foreign reporting obligation
- Determine reporting threshold
- Compare Form 8938 and FBAR Filing Requirements
- 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
- Who must file a Form 3520-A or ensure that a Form 3520-A is filed;
- Outline what is required to be reported on each Form
- 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
- NASBA Sponsor: 146439
- IRS Course ID: PJGWS
- 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
- Tax Compliance Officers
- Enrolled Agents
- Finance professional
- Other Tax Professionals
Coder Archives is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.