When it comes to reporting foreign financial accounts as a US taxpayer abroad, there are two main forms to consider: FBAR and Form 8938. While they share many similarities, there are key differences between these two forms that can make a big difference in your reporting obligations and potential penalties for non-compliance.
In this Webinar , Our tax expert Patrick McCormick will provide a side-by-side comparison of FBAR and Form 8938 to help you understand the similarities and differences between the two forms, and make an informed decision about which one to use for reporting your foreign accounts.
Why Should You Attend:
This webinar will provide a general overview of the current reporting requirements for foreign financial assets on the Report of Foreign and Financial Accounts (“FBAR”) and on Form 8938 under the Foreign Account Compliance Act (“FATCA”). We will also review the interpretation and scope of penalties arising from non-disclosure, which have recently been the subject of two appeals to the United States Supreme Court.
Do we really have to file both the FBAR and Form 8938?! This session distinguishes between foreign accounts and foreign assets, reviews reporting thresholds, outlines the harsh consequences for non-compliance and provides a comparison of relief programs. Learn what to do to ensure that your clients satisfy their reporting obligations and what to do if they don’t.
Upon completion of this course, you will be able to:
- Identify when a taxpayer has a foreign reporting obligation.
- 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.
- Determine reporting threshold
- 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
Credits and Other information:
- Recommended CPE credit – 2.0 Tax Hours
- Recommended field of study – Tax
- Session Prerequisites and preparation: Basic
- Session learning level: Basic to Intermediate
- Location: Virtual/Online
- Delivery method: Group Internet Based/Self-Study
- NASBA Sponsor: 138804
- IRS Course ID: DFFSC
- 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
Thecpeeducator 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.