Webcast: Understanding the Foreign Account Tax Compliance Act (XSFOR117)
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The Foreign Account Tax Compliance Act (FATCA), enacted to target non-compliance 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. FATCA also requires foreign financial institutions to report information to the IRS about financial accounts held by U.S. taxpayers, or by foreign entities in which U.S. taxpayers hold a su

8/17/2017
When: 08/17/2017
9:00 AM until 11:00 AM
Where: Webcast
SURGENT
FOR1-2017-01-WEBNR-229-01
United States
Presenter: Mike Tucker, Ph.D., LL.M., J.D., CPA


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Acronym XSFOR117
CPE 2 hours
Vendor Surgent
Category
Taxation
Level Intermediate
Prerequisite Basic understanding of individual income tax rules
Adv Prep None
Yellow Book? No
Designed for Tax professionals advising clients with respect to foreign account reporting
Registration
Member $89
CPA Non-Member $114

The Member rate applies to LCPA members, other state society members, and non-CPA staff of LCPA members. To register online, use the ‘Register’ button above. To register by phone, call the LCPA Member Service Center at 800.288.5272 or 504.464.1040, Monday through Friday, 8am to 5pm.

Course Description

The Foreign Account Tax Compliance Act (FATCA), enacted to target non-compliance 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. FATCA also requires foreign financial institutions to report information to the IRS about financial accounts held by U.S. taxpayers, or by foreign entities in which U.S. taxpayers hold a substantial ownership interest. Typically, general tax practitioners encounter FATCA questions when they learn that their clients have foreign assets or foreign accounts and want to know if such items are reportable on Form 8938.

Objectives

  • Be able to complete Forms 8938 accurately and correctly
  • Be able to advise clients with respect to foreign asset required reporting

Topics

  • Taxpayers required to file Form 8938
  • Specified foreign financial assets reportable on Form 8938
  • FATCA reporting thresholds for those individuals living in the United States and those living abroad
  • FATCA treatment of jointly owned reportable assets
  • Meaning of an reportable “interest” in a specified foreign financial interest
  • Valuing specified foreign financial assets
  • Notable exceptions from the requirement to file Form 8938
  • Mechanics of filing Form 8938
  • Penalties for failure to file
  • Form 8938 and the FBAR
  • Form 8938 and Offshore Voluntary Disclosure Program
  • Foreign Institutional reporting under FATCA