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We are approved to provide CPE/CE credits to Tax Professionals
- IRS
- NASBA
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Reporting Foreign Accounts & Assets: FBAR Vs. Form 8938
- Dec 15, 2022 Thursday | 12:00 PM ET | 11:00 AM CT | 09:00 AM PT | Duration: 120 Minutes
- Credit: IRS Credits: 2.0 | NASBA Credits: 2.0 | QAS: 2.0 |
Webinar Instruction will be emailed on your registered email address 3 days prior to webinar | Web Download / e-Transcript will be shared in 7 working days from the date of webinar
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
Session Highlights:
- Identify when a taxpayer has a foreign reporting obligation
- Determine reporting threshold
- Compare Form 8938 and FBAR Filing Requirements
- 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
- Who must file a Form 3520-A or ensure that a Form 3520-A is filed;
- Outline what is required to be reported on each Form
- Identify Form 8938 filing exceptions and its relationship among other tax forms
Who Will Benefit:
- CPA's
- Tax Attorneys
- Accountants
- Tax Compliance Managers
- Tax Compliance Officers
- Enrolled Agents
- Finance professional
- Other Tax Professionals
Speaker Profile:
Patrick McCormick, JD, LLM is a principal and attorney at Drucker & Scaccetti (D&S) who focuses on international taxation and related issues for domestic businesses and individuals. He has extensive experience in handling complex tax planning and tax controversy issues as well as the design, drafting and implementation of estate and gifting plans for American citizens and residents with foreign assets. He also helps clients with retroactive disclosures and assessments related to international assets.
Prior to joining D&S, Patrick was an attorney at a New Jersey-based law firm, where he created, developed and led its international practice. He worked on complex foreign estates, qualified domestic trusts and corporate/partnership planning for foreign entities.
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
- Attendance Requirement: Yes
- Session Duration: 2 Hours
- Case Studies and Live Q&A session with speaker
- PowerPoint presentation for reference
IRS Credits
NASBA Credits
QAS
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To access a course that you have already purchased, all you must have to create/log in to your account. Click on the "Log In" button in the top right of the screen. Once you are logged in, you will have immediate access to all your purchased CPE courses, packages and other self-service or you can write on support@pro2learn.com.
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We will email your certificate within 3 working days of the end of the webinar, or you can login your account at www.pro2learn.com. If you don’t receive the email within 3 working days of the end of the webinar, check your spam/junk folder. If it’s not there, we recommend that you send us an email at support@pro2learn.com or connect over the online chatroom.
Patrick McCormick, JD, LLM
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