BarbriSFCourseDetails
  1. keyboard_arrow_leftBack

Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Tax Preparer

Date & Time
  • event Date

    Monday, March 11, 2024

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    110 minutes

Credit Information

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

  • BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

$197.00
CPE
ALL

This course will provide tax advisers with a practical guide to the Foreign Account Tax Compliance Act (FATCA) reporting for taxpayers holding foreign assets. The panel will define reportable specified foreign assets, discuss valuation issues, and offer thorough instruction on completing Form 8938, Statement of Specified Foreign Assets. The webinar will explain the latest changes to Form 8938 and review IRS guidance for reporting requirements.

Faculty

Igor S. Drabkin
Tax Attorney & Principal
Holtz, Slavett & Drabkin, APLC

Mr. Drabkin represents tax clients in disputes with the IRS and state revenue authorities, both administratively and in court. Previously in his career, he was a senior IRS trial attorney and a special assistant U.S. attorney on bankruptcy cases involving tax matters.

expand_circle_down Expand to View Full Bio expand_circle_up Collapse Bio
Usman Mohammad
Counsel
Kostelanetz, LLP

Mr. Mohammad joined the firm in 2000. His practice areas include commercial litigation, tax controversies, and state and federal criminal litigation. Mr. Mohammad received his B.A. from the University of North Carolina at Chapel Hill in 1995, and graduated cum laude and Order of the Coif (top 10 percent) from the University of Michigan Law School in 1998.

expand_circle_down Expand to View Full Bio expand_circle_up Collapse Bio

Description

FATCA continues to challenge tax advisers and compliance professionals. As information-sharing agreements between the U.S. and foreign governments increase, the IRS has modified the FATCA reporting regime. Tax advisers must stay current with filing requirements and the latest foreign asset information reporting developments to avoid steep penalties.

Form 8938 requires taxpayers to disclose ownership interests in specified offshore assets or risk monetary penalties or prosecution. The full-scale implementation of the foreign financial institution reporting regime imposed by FATCA gives the IRS even more information to reconcile taxpayer filings, increasing the Service's ability to track foreign asset holdings and detect noncompliance.

Listen as our panel discusses what qualifies as a specified foreign asset, how the existing regulations impact dual resident taxpayers, and valuation rules related to foreign currency, as well as gives useful guidance on completing Form 8938.

Outline

  1. Specified foreign financial assets requiring information reporting on Form 8938
  2. Preparation of Form 8938, Statement of Specified Foreign Assets
  3. Exceptions to filing Form 8938 and relationship among Forms 8938, 5471, 8865, 8833, and the FBAR
  4. Penalties for noncompliance and options for curing noncompliance

Benefits

The panel will review these and other noteworthy issues:

  • Who must file Form 8938
  • What to report on Form 8938
  • Final regulations that apply reporting requirements to specified domestic entities
  • The overlap of FATCA reporting with foreign bank account reporting

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Identify "specified foreign assets" to report to the IRS
  • Determine taxpayers subject to FATCA reporting mandates
  • Recognize the impact of the Common Reporting Standard on FATCA compliance for U.S. and dual-resident taxpayers
  • Discern the exceptions to Form 8938 filing requirements

  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years+ business or public firm experience at mid-level within the organization, preparing complex tax forms and schedules; supervisory authority over other preparers/accountants. Knowledge of, and some familiarity with, the Foreign Account Tax Compliance Act and its reporting requirements.

Strafford Publications, Inc. 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 Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).