Black Friday Offer till Nov 30th ! Unlimited Continuing Education only @$199 ! CLICK HERE to view.

Form 1040 filers’ Foreign Information Reporting Overview

  • AFSP
  • EA
  • Oregon Tax Prep.
  • CTEC
  • Maryland Tax Prep.
Form 1040 filers’ Foreign Information Reporting Overview

2 Credits

$20

Subject Area

Taxes

Webinar Qualifies For

2 CPE credit of Taxes for all CPAs

2 CE credit of Federal Tax for Enrolled Agents ( IRS Approved : GEHNZ ) (Approval No. GEHNZ-T-00751-21-O)

2 CE credit of Federal Tax Subjects for California Tax Professionals (CTEC Approved - 6273) (Approval No. 6273-CE-0699)

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

2 CE credit of Federal Tax for Oregon Tax Preparers (Approval No. GEHNZ-T-00751-21-O)

2 CE credit of Federal Tax for Maryland Tax Preparers (Approval No. GEHNZ-T-00751-21-O)

2 General Educational credit for Tax Professionals / Bookkeepers / Accountants

Upcoming Webinars

Passive Activity Loss Limitations: Working with the Complex PAL Rules & Real Estate Tax Issues

(13)

Nov 29, 2021 | 09:00 AM EST View Details

SOX Internal Controls for Accounts Payable

(8)

Nov 29, 2021 | 09:30 AM EST View Details

Accounting & Tax Implications of Credit Losses

(2)

Nov 29, 2021 | 09:30 AM EST View Details

Investigating and Resolving Sexual Harassment Claims

(147)

Nov 29, 2021 | 09:30 AM EST View Details

Quickbooks for Desktop PC Exploring the Interface - For Beginners

(17)

Nov 29, 2021 | 10:00 AM EST View Details

Excel Accountant: Intro to Spreadsheets In-Depth

(6)

Nov 29, 2021 | 10:00 AM EST View Details

Yellow Book Boot Camp – Introduction to NFP and Governmental Accounting & Auditing

(11)

Nov 29, 2021 | 10:00 AM EST View Details

Best Overview on Individual Tax Updates Latest (Basic)

(137)

Nov 29, 2021 | 10:00 AM EST View Details

Report Writing Techniques for Audit Professionals

Nov 29, 2021 | 10:00 AM EST View Details

Auditing & Attest Update - Hot Topics For Current Period Audits And Other Attest Services

(1)

Nov 29, 2021 | 10:00 AM EST View Details

Adding Value through Plan Governance: Essential Documents

(121)

Nov 29, 2021 | 10:30 AM EST View Details

Basis Calculations & Distributions For Pass-thru Entity Owners Schedule K-1 Analysis (Latest)

(126)

Nov 29, 2021 | 11:00 AM EST View Details

Everything You Need to Know About Partnerships

(15)

Nov 29, 2021 | 11:00 AM EST View Details

Employment Branding and YOU!

Nov 29, 2021 | 11:00 AM EST View Details

Effectively Handling CP 2100 letter and B Notices

Nov 29, 2021 | 11:00 AM EST View Details

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 requirement to file certain information reports. Someone who lives or has lived or worked abroad, or has foreign relatives, or who has come to the U.S, from a foreign country may be in this situation. Tax professionals whose clients work cross 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.

Learning Objectives

  • Understand the basics of the most commonly required foreign information reports

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

  • Be aware of less common foreign reports, particularly those needed by persons with an interest in a foreign business

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

  • Correcting simple failure to file situations
  • Correcting some more serious failure to file situations
  • Possible penalties in failure to file situations

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