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Form 1040 filers’ Foreign Information Reporting Overview

  • Accountant
  • AFSP
  • CRTP
  • CPA (US)
  • CFA
  • EA
  • ORTP
  • CPA/PFS
  • TEP
  • ChFC
  • CSA
  • MRTP
  • ERPA
  • FSCP
  • CASL
  • ChSNC
  • RICP
  • WMCP
  • CIPM
  • CFIRS
  • CWS
  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Course Description

A person filing Form 1040 for U.S. income taxes who also has foreign economic activity including foreign accounts and foreign assets may meet the threshold required to file certain information reports.

Someone who lives or has lived or worked abroad has foreign relatives, or who have come to the U.S, from a foreign country may be in this situation.

Tax professionals whose clients work across borders should thoughtfully discuss with them what types and levels of foreign assets or activities may occur and thus what foreign information reporting requirements they may face. Someone whose initial U.S. tax return(s) are on Form 1040-NR may be able to organize their foreign situation in a way that reduces the reporting burden if forewarned.

Following are the major forms covered in this CE/CPE Tax course:

  • FinCEN 114 (FBAR) Foreign Bank and Financial Account Report
  • Form 3520 Part V – Large Foreign Gifts
  • Form 3520… Foreign Trusts and estates
  • Form 8638 Specified Foreign Assets (including foreign pensions)
  • Form 8621 re PFIC – Passive Foreign Investment Corporation, as a foreign mutual fund
  • Form 5471 or 5472 re certain foreign corporations
  • Form 8858 – re FDE – Foreign Disregarded Entities or FB – Foreign Branches
  • Form 8865 – re certain foreign partnerships

Learning Objectives

  • To analyze the basics of the most commonly required foreign information reports.
  • To discuss less common foreign reports, particularly those needed by persons with an interest in a foreign business.
  • To inspect how to correct the simple failure to file situations.
  • To inspect how to correct some more serious failures to file situations.
  • To analyze possible penalties in failure to file situations.

Recommended For

  • The IRS-approved CE course is recommended for CPAs, EAs, AFSPs, Tax Practitioners, Tax Attorneys, and Other Tax Professionals engaged in advising Nonresident clients or clients working across borders or having financial assets abroad over foreign information reporting and tax return filing matters.

Who Should Attend?

  • Annual Filing Season Program
  • Bookkeepers & Accountants & Tax Preparers
  • California Registered Tax Professional
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Enrolled Agent
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Tax Accountant (Industry)
  • Tax Attorney
  • Tax Director (Industry)
  • Tax Firm
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 2 CE Credit of Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00751-21-O)
  • 2 CE Credit of Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-00751-21-O)
  • 2 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 2 CE Credit of Federal tax-related matters for Annual Filing Season Program (AFSP)
  • 2 CE Credit of Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00751-21-O)
  • 2 CE Credit of Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0699)
  • 2 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 2 CE Credit for Certified Wealth Strategist (CWS)
  • 2 General Credit of Taxes for Accountant/Bookkeeper/Tax Professionals
  • 2 CPD Credit of Estate Planning for Personal Financial Specialist (PFS)
  • 2 CPE Credit of Estate Planning for Chartered Financial Consultant (ChFC)
  • 2 CPE Credit of Estate Planning for Financial Services Certified Professional (FSCP)
  • 2 CPE Credit of Estate Planning for Chartered Advisor in Senior Living (CASL)
  • 2 CPE Credit of Estate Planning for Chartered Special Needs Consultant (ChSNC)
  • 2 CPE Credit of Estate Planning for Retirement Income Certified Professional (RICP)
  • 2 CPE Credit of Estate Planning for Wealth Management Certified Professional (WMCP)
  • 2 CE Credit of Qualified Retirement Plan Matters for Enrolled Retirement Plan Agent (Approval No. GEHNZ-Q-01239-22-O)
  • 2 PL Credit of Estate Planning for Chartered Financial Analyst (CFA)
  • 2 CPD Credit for Trust and Estate Practitioners (TEP)
  • 2 CE Credit of Financial aspects of estate and retirement planning for Certified Senior Advisor (CSA)
  • 2 PL Credit of Estate Planning for Certificate In Investment Performance Measurement (CIPM)

Additional details

  • Course Level :
    Basic
  • Credits :
    2
  • Instructional Method :
    Group Internet Based
  • Pre-requisites :
    None
  • Advance Preparation :
    None

IRS APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) 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.

CTEC APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

Presenter

About Presenter

Jean Mammen, EA, FSO (ret.)

Enrolled Agent & CEO, 1040nror1040

Jean Mammen is the author of “1040NR? or 1040? U.S. Income Tax Returns for Visa Holders + International Organization and Foreign Embassy Employees”, 7th Classic Edition. She writes blog posts, seminars, and webinars on a variety of international topics affecting individuals.  

Her specialty is the income tax concerns of international individuals with a U.S. income tax filing requirement. Jean’s perspective comes from spending 30 years among people who live or work outside their country of citizenship.  She was a Peace Corps Volunteer and a Foreign Service Officer.

Jean is an Enrolled Agent and a member of NAEA and NATP 

Internet and social media Presence: 

Jean Mammen’s website, www.1040nror1040.com , includes “Sample Returns” with three case studies. The first case has a simple Form 1040-NR return for an individual who changed from an F1 student visa to an H1-B work visa. The second and third cases are for twin J1 visa holders qualifying for a treaty income exclusion. One is a second year filer on Form 1040-NR, one a third year filer on Form 1040.

Jean answers tax questions from tax professionals and individuals on the NAEA webboard and TaxMama’s ® Tax Forum.

Areas of Expertise

Jean Mammen’s areas of expertise include

  • Determining correct U.S. income tax filing for noncitizens of the United States, tax form, filing requirements, income to be reported, how the income is taxed
  • Identifying and correctly handling basic income and tax rate provisions and bilateral income tax treaty income exclusions summarized in Tax Treaty Tables I and II on www. IRS.gov
  • Understanding the information and income filing requirements for Form 1040 filers with foreign income, foreign earned income exclusion or foreign tax credit, foreign bank and financial accounts, large foreign gifts, foreign assets, simple foreign trust situations. Understanding the procedures for filing delinquent foreign information reports
  • Best procedures for buyer and seller of a U.S. real property interest owned by a non U.S. person according to FIRPTA provisions (Foreign Interest in Real Property Tax Act (IRC 1445) to minimize over withholding.

Faq

FAQs content

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  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • myCPE Courses are taken by : CPA | CMA | CFE | CIA | CPA(Yellow Book)| CFP | CFA | CPA (Govt.) | EA | CRTP | MRTP | ORTP | ABV | CITP | CVA | PFS | CFF and others.

Ratings and Review

4

21 Ratings

Excellent

6

Very Good

11

Average

3

Poor

1

Terrible

0

BCSS

Brian C. Smith Smith, CPA (US)

Apr 13th, 2022

This covered a really difficult subject in a very clear manner.

LL

Laurence Leppo, Accountant, EA

Dec 7th, 2021

The presenter seemed to understand the information completely but I found it difficult to follow some of the material. She seemed distracted with her dog. I was distracted with her dog.

DB

Donna Bestebreurtje, EA

May 17th, 2022

I could have read the IRS instructions and learned as much on my own. The most stimulating facet of the webinar was the dog whining for treats.

Form 1040 filers’ Foreign Information Reporting Overview

PREMIUM

2 Credits

Subject Area

Taxes

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