Reporting Foreign Accounts & Assets: FBAR vs. Form 8938

EVENT DATE:

Sep 23,2022

PRESENTER(s): Monica Haven

1:00 PM ET | 12:00 PM CT | 10:00 AM PT | 120 Minutes

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The Foreign Account Tax Compliance Act (FATCA), enacted to target noncompliance by U.S. taxpayers with certain foreign financial accounts and offshore assets, requires U.S. citizens and residents who own certain foreign financial accounts and offshore assets to report those accounts and assets on Form 8938.

This session will focus on FBAR reporting and contrast it with the filing requirements for Form 8938. Do we really have to file both?! Learn to distinguish between foreign accounts and foreign assets; become familiar with reporting thresholds; beware of the harsh consequences for non-compliance. But there’s more: Forms 3520, 5471, 8621, 8865 and 8891. Forms 926, 5472, 8300 and 8854. Find out what the wrath of FATCA has wrought

Participants will understand:

Upon completion of this course, you will be able to:

Identify when a taxpayer has a foreign reporting obligation
Determine reporting threshold
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.
Distinguish between foreign accounts and foreign assets
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
Identify Form 8938 filing exceptions and its relationship among other tax forms

Credits and Other information:

Recommended CPE credit – 2.0
Recommended field of study – Taxes
Session Prerequisites and preparation: None
Session learning level: Basic
Location: Virtual/Online
Delivery method: Group Internet Based
IRS Course ID: PJGWS-T-00062-22-O
Attendance Requirement: Yes
Session Duration: 2 Hours

Case Studies and Live Q&A session with speaker
PowerPoint presentation for reference

Who Will Benefit:

CPA's
Tax Attorneys
Accountants
Tax Compliance Managers
Other Tax Professionals

Speaker Profile:

Monica Haven, E.A., J.D. has a Masters in Taxation (LL.M.) and is a graduate fellow and former faculty member of the National Tax Practice Institute®. In practice for more than 30 years as an Enrolled Agent, an Accredited Tax Advisor® and an Accredited Tax Preparer®, Monica is a sought-after guest lecturer on college campuses and at community organizations. Monica has been a long-term and active member of numerous professional organizations, including the National Association of Enrolled Agents, the National Society of Accountants, the National Association of Tax Practitioners, the National Society of Tax Practitioners, the California Society of Enrolled Agents, the California Society of CPAs, and the California Society of Accounting and Tax Professionals, as well as the Los Angeles County Bar Association, the Young Tax Lawyers Committee, and the Tax Law Society. Monica welcomes every opportunity to share her experience and expertise in the classroom even as she maintains her Southern California tax practice which serves national and international clients. Her students have said, she’s a “fantastic speaker” who can take “hard subjects and put them into concepts or analogies that are easy to understand.” For additional information, published articles and extensive, useful tax information.

Reporting Foreign Accounts & Assets: FBAR vs. Form 8938

EVENT DATE:

PRESENTER(s): Monica Haven

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