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What You Don't Know About International Information Returns

  • Accountant
  • AFSP
  • CRTP
  • CGFM
  • CPA (US)
  • EA
  • ORTP
  • CPA/PFS
  • ChFC
  • MRTP
  • FSCP
  • CASL
  • ChSNC
  • RICP
  • WMCP
  • CFIRS
  • CWS

Published: September, 2022

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Before starting this self study program, please go through the instructional document.

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • International returns basics
    3 mins
  • Form 8806 - Change in capital structure
    12 mins
  • Form 8833 tax treaties
    20 mins
  • Form 8865 - Foreign partnership
    31 mins
  • How can GBS help you?
    47 mins

Course Description

Until you know what questions to ask, you won't be able to know if your clients may need the many various international information returns.

Information returns are used to summarize and disclose information to the IRS. For example, you may have an ownership interest in a foreign business, but the foreign business does not distribute any income to you. Therefore, while there is no income to include on a tax return, the applicant may still need to file an information return with the IRS.

In this online CPE course, we cover how to determine if your clients are required to report foreign income or ownership interests with their tax returns.

Many of these forms have penalties ranging from $10,000 to $100,000 if they are overlooked, and are very difficult to convince the IRS to waive once assessed. Thus, practitioners must screen clients and make sure they are staying out of trouble, and for business owners to understand the risks to make sure their team is covering all the bases.

In this online IRS Approved Courses CE/CPE webinar learn the essential questions to ask to determine if forms such as 5471, 926, 5472, 8804/8805, 8621, 3520/3520-A, 8938, FBAR, and 1120F are required in various common situations, to steer clear of penalties and compliance headaches. 

Learning Objectives

  • To discuss the rules surrounding reporting foreign assets to the IRS.
  • To analyze 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 them, and how to use them. 
  • To discuss the associated penalties that come with failure to disclose foreign assets.

Recommended For

  • This IRS-approved CE course is for CPA, EA, AFSP, CRTP, MRTP, ORTP, CFIRS, CWS, and other tax professionals interested in understanding the specifics of international information reporting returns.

Who Should Attend?

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

Course Qualification

Webinar Qualifies For

  • 1 General Credit of Taxes for Accountant/Bookkeeper/Tax Professionals
  • 1 CE Credit of Federal tax-related matters for Annual Filing Season Program (AFSP)
  • 1 CE Credit of Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1035)
  • 1 CE Credit of Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-01291-22-S)
  • 1 CE Credit of Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-01291-22-S)
  • 1 CE Credit of Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-01291-22-S)
  • 1 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 1 CE Credit of Taxes for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 1 CPE Credit of Taxes for Certified Government Financial Manager (CGFM)
  • 1 CPD Credit of Taxes for Personal Financial Specialist (PFS)
  • 1 CPE Credit of Taxes for Chartered Financial Consultant (ChFC)
  • 1 CPE Credit of Taxes for Financial Services Certified Professional (FSCP)
  • 1 CPE Credit of Taxes for Chartered Advisor in Senior Living (CASL)
  • 1 CPE Credit of Taxes for Chartered Special Needs Consultant (ChSNC)
  • 1 CPE Credit of Taxes for Retirement Income Certified Professional (RICP)
  • 1 CPE Credit of Taxes for Wealth Management Certified Professional (WMCP)
  • 1 CE Credit of Taxes for Certified Wealth Strategist (CWS)

Additional details

  • Course Level :
    Basic
  • Credits :
    1
  • Instructional Method :
    QAS Self Study
  • 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

Crystal Stranger, EA

Partner and Chief Operating Officer, GBS Tax & Bookkeeping

Crystal Stranger, EA, is author of The Small Business Tax Guide (Clear Advantage, 2014), and International Tax Director for the corporate tax and bookkeeping firm, GBS Tax (https://gbstax.com). She has been a frequent speaker for professional organizations, as well as being a resource for publications ranging from the NY Times to Money Magazine.

About Company

GBS Tax & Bookkeeping

www.gbstax.com

GBS provides accurate, affordable, and efficient bookkeeping and tax services for US businesses and subsidiaries to help entrepreneurs do it right from the start. GBS began in partnership with Stripe for newly-formed businesses needing bootstrapped tax and bookkeeping to fit their budget and growth stage, and has grown over 5 years, 5 continents, and more than 3,000 Clients.  Our tech-forward team is more streamlined with our paperless process to provide next-level results for your startup. GBS also offers Delaware Franchise Tax Annual Reports, tax consultations, representation, R&D Tax Credits and other specialty services, based on the unique needs of your business.

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.
  • You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
  • 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

4.6

65 Ratings

Excellent

40

Very Good

23

Average

1

Poor

1

Terrible

0

SL

Siyan Lou, EA

Aug 19th, 2022

It was very informative and the presenter really knows her stuff.

RJ

Renee Jenkins, Accountant

Aug 18th, 2022

It was too long for me to fully absorb the material.

HK

Harry Kim, EA

Sep 26th, 2022

Very thorough and relevant

MG

Marlene Gin

Sep 28th, 2022

Good introduction to the world of forms for foreign income & entities.

JG

John Groth, CPA (US)

Aug 17th, 2022

Very informative. Good survey of potential applicable IRS forms.

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