Tax Reporting for Overseas Assets - Compliance Issues Incl Foreign Bank Acc Reports and Form 8938
Author: Robert J. Misey
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2028 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
You can run, but you cannot hide! The Internal Revenue Code has numerous reporting requirements with respect to foreign assets. These provisions do not necessarily result in tax, but failure to properly comply can result in harsh penalties. This program teaches you the rules to properly comply.
Publication Date: January 2025
Topics Covered
- FATCA for U.S. depositors and owners
- Withholding Procedures
- Statement of Specified Financial Assets (Form 8938)
- Foreign Bank Account Records (FBARs) – filers, financial accounts, and penalties
- Penalties attributable to Undisclosed Foreign Financial Assets
Learning Objectives
- Identify when you have to report foreign assets to the IRS
- Recognize how to complete an FBAR and a Form 8938
- Identify the formula provided for FATCA
- Identify the form required to be provided by foreign persons with respect to determining beneficial ownership
- Identify the number of different categories based on FATCA withholding
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
