CPE Packages (Incl. Ethics) for Multiple States and Qualifications Available. Price $4/credit - CLICK HERE to view.

Foreign Asset Reporting Rules

4.4 (89)

Venar Ayar, JD

Ayar Law

Friday, July 30, 2021 | 10:00 AM EDT

  • AFSP
  • CPA
  • EA
  • Tax Preparer
  • CTEC

1 Credit

FREE

Subject Area

Taxes

Webinar Qualifies For

1 CPE credit of Taxes for all CPAs

1 CE credit of Federal Tax for Enrolled Agents ( IRS Approved : GEHNZ ) (Approval No. GEHNZ-T-00590-21-O)

1 CE credit of Federal Tax Subjects for California Tax Professionals (CTEC Approved - 6273) (Approval No. 6273-CE-0564)

1 CE credit of Annual Filing Season program (AFSP)( IRS Approved : GEHNZ )

1 CE credit of Federal Tax for Oregon Tax Preparers (Approval No. GEHNZ-T-00590-21-O)

1 CE credit of Federal Tax for Maryland Tax Preparers (Approval No. GEHNZ-T-00590-21-O)

1 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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Course Description

Do you have banking accounts, mutual funds, and other financial assets outside the US?

Are you worried about whether you need to report them to the IRS?

The answer is - you might! And the penalties are stiff if you are required to and don’t.

Foreign Asset Disclosure is an extremely important part of tax resolution.

For tax advisers serving U.S. taxpayers with offshore interests, the information reporting obligations are often as complex as the actual tax calculations. Determining whether a taxpayer has to report offshore holdings often depends on recognizing the U.S. tax law classification of the asset and identifying relevant thresholds that require disclosure. Further complicating matters is that different forms carry different reporting thresholds, even for the same asset holding.

The IRS uses information reporting to determine potential tax non-compliance due to either sheltering or nondisclosure. The U.S. is a signatory to agreements with numerous countries to facilitate tax and asset disclosures among its citizens. The IRS will reconcile various information reporting filings with other asset disclosures.

In this online CPE webinar, we will cover the rules surrounding disclosing foreign assets, when they should be reported, and who needs to file. We will go through the various forms associated with Foreign Asset Disclosure and break down the obligations and details surrounding each form.

Key topics covered in this online CPE webinar:

  • Overview of U.S. information reporting requirements for foreign assets.
  • Required disclosures for assets and overlap in reporting.
  • Forms used for reporting foreign assets.
  • Penalties for not reporting foreign asset information.

Click here for more webinars on | Tax Updates |IRS Audit, Representation and Resolutions |

Learning Objectives

  • To discuss the rules surrounding reporting foreign assets to the IRS
  • To discuss what counts as a foreign asset in the eyes of the IRS
  • To be familiar with the various Foreign Asset Disclosure Forms, their functions, exceptions, who must file, and how to use them. 
  • To discuss the associated penalties that come with failure to disclose foreign assets

Who Should Attend?

  • Annual Filing Season Program
  • Bookkeepers & Accountants & Tax Preparers
  • Certified Management Accountant
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Enrolled Agent
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Tax Managers
  • Tax Practitioners
  • Tax Preparer
  • Tax Professionals
  • Tax Pros
  • Young CPA

Testimonial

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(
    [no_of_record] => 89
    [average] => 4.4270
)
 

4.4

(89)
53%
37%
10%
0%
0%

DL

Good job!

IH

Great content!

JF

Very informative and applicable to me as I had worked overseas in 2020

VS

Great webinar. New information for attendee.

KG

Overall, I had a good experience.

LC

.