Description 

For U.S. citizens and Green Card holders living outside of the U.S., there is more to worry about than simply filing your tax return. With the implementation of FATCA and the intergovernmental agreements, U.S. filers have had their foreign investments exposed. This course will discuss the proper reporting of FBARs, FATCA regulations, and other tax filer issues with international investments. 

The FBAR rules require taxpayers to annually report whether they have a financial interest in, or signature or other authority over, foreign bank accounts, and impose substantial civil and criminal penalties for failing to do so.
This session will provide a detailed analysis of the requirements for reporting various foreign accounts, including the Report of Foreign Bank and Financial Accounts (FBAR, FinCEN 114) and the “safe harbor” requirements (Streamlined Filing Compliance Procedures) that result in substantially reduced penalties for late filing of the FBAR. Form 8938, Statement of Specified Foreign Financial Assets, and Form 3520, Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Foreign Gifts, will also be discussed.

Session Highlights:

• Recognize how and why the FinCEN FBAR Form 114 and FATCA Form 8938 came about
• Identify how a taxpayer meets the FinCEN Form 114 $10,000 Max threshold
• Identify who must file an FBAR FinCEN Form 114
• Describe the various types of Foreign Accounts that must be reported on a FinCEN FBAR Form 114
• Identify what Signature Authority means
• Implement best practices to help clients avoid penalties and potential criminal prosecution
• Recognize how penalty standards are interpreted and applied
• Recognize how FBAR penalties are collected, and the limitations in comparison with traditional Title 26 assessment collection
• Review of Form 8938 and Form 3520
• Identify the unique and varied differences between FinCEN FBAR Form 114 and a FATCA Form 8938
• Identify who must file FATCA Form 8938
• Identify Form 8938 filing exceptions and its relationship among other tax forms

Who should Attend:

• CPA's
• Tax Attorneys
• Accountants
• Tax Compliance Managers
• Tax Compliance Officers
• Enrolled Agents
• Finance professional
• Other Tax Professionals