CPE: 1 hours
Advanced prep: None
Who should attend: Tax practitioners advising U.S. taxpayers on foreign tax issues or preparing income tax returns for Americans abroad.
Identify the special tax reporting and compliance duties facing Americans abroad or those who own foreign assets. Even routine mutual funds and estate planning may trigger tax and penalty liabilities. Your client's responsibilities as an employee of a foreign company may trigger disclosure requirements. We will discuss various investment, business and trust structures that your clients could have in their foreign countries and related information reporting requirements. We will also discuss IRS programs available for your clients who did not file informational returns in the past and want to be in compliance with IRS reporting requirements.
- Recall various international information return filing requirements
- Calculate potential penalties for nocompliance.
- Select from various remedies available to your clients.
- Information returns for U.S. taxpayers with bank accounts, investments, businesses and trusts in foreign countries.