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Foreign Information Tax Returns and the IRS Offshore Voluntary Disclosure Program (4152726C)
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"To excel as a tax practitioner in an increasingly global marketplace, you must familiarize yourself with the preparation of tax forms for clients conducting foreign transactions or with assets in international accounts. This course will provide you with a thorough understanding of foreign information return reporting requirements and useful techniques to determine whether or not your clients may encounter foreign income tax problems. It will also ensure you have a working knowledge of IRS and D

9/28/2015
When: 9/28/2015
9:30 AM - 5:30 PM
Where: Webcast/Webinar
Presenter: Kenneth M Barish
Contact: April Deneault
801-834-6634


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To excel as a tax practitioner in an increasingly global marketplace, you must familiarize yourself with the preparation of tax forms for clients conducting foreign transactions or with assets in international accounts. This course will provide you with a thorough understanding of foreign information return reporting requirements and useful techniques to determine whether or not your clients may encounter foreign income tax problems. It will also ensure you have a working knowledge of IRS and Department of Treasury foreign information returns to effectively represent clients and comply with Circular 230. All concepts will be discussed in light of the resurrected IRS foreign voluntary disclosure program, which reduces the foreign information return burden.

 
Objectives:

     Identify the basics of all the foreign information returns.
    Recognize key defenses to IRS criminal and civil penalties for erroneous foreign returns or nonfiled foreign returns.
    Determine the significance of the IRS voluntary disclosure policy as it relates to offshore transactions and accounts.

 

Major Subjects:


    IRS foreign information returns and Civil Penalties Information Chart
    Report of Foreign Bank and Financial Accounts: Form TD F 90-22.1 (FBAR)
    FBAR penalty mitigation rules
    Statement of Specified Foreign Financial Assets: Form 8938
    Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Gifts: Form 3520
    Annual Information Return of Foreign Trust with a U.S. Owner: Form 3520-A
    Information Return of U.S. Persons with Respect to Certain Foreign Corporations: Form 5471
    Information Return of a 25% Foreign-Owned or a Foreign Corporation Engaging in a U.S. Trade or Business: Form 5472
    Return by a U.S. Transfer of Property to a Foreign Corporation: Form 926
    Return of U.S. Persons with Respect to Certain Foreign Partnerships: Form 8865
    Information Return of U.S. Persons with Respect to Foreign Disregarded Entities: Form 8858
    Return by Shareholder of a Passive Investment Company or Qualified Electing Fund: Form 8621
    Current procedures for participation in the IRS Offshore Voluntary Disclosure Program (OVDP), including the IRS general voluntary disclosure policy, OVDP election into the program, statements, worksheets, penalties, PFIC alternative computation, FAQs and more

    

Designed For:

Tax practitioners who want to enhance their understanding of the foreign procedural tax regime.
 

Prerequisite: Basic knowledge of all types of tax returns.

Advanced Prep:  None

Speaker:  Kenneth M Barish

Vendor: CalCPA

Field of Study:     Taxes

Level:   Intermediate

CPE Credit: 8 Hours

Acronym:     FITR

 

Registration Fees:

Members: $275

Nonmembers: $375

 

Meet the Speaker:

Expertise Ken has concentrated his practice in the field of civil and criminal tax controversy and litigation matters, representing clients before the Internal Revenue Service, Franchise Tax Board, Employment Development Department and State Board of Equalization. His experience is extensive and varied at all levels of representation of tax clients. He has tried a number of high publicity civil and criminal tax matters in the federal courts. Background He was a trial attorney for the U.S. Department of Justice, Tax Division, Criminal Section and an Assistant United States Attorney in the Central District of California, Tax Division. Publications He is the author of the "Criminal Tax Investigation" portion of the Tax Practice in California book published by the California Continuing Education of the Bar. His articles have been published in various periodicals including the American Bar Association Journal. He has been quoted in articles involving civil and criminal tax litigation matters. Speaking Ken is a lecturer at the UCLA Tax Dispute Institute. He frequently lectures on behalf of the California Certified Public Accountants Foundation and the California CPA Society on subjects dealing with tax controversy. Academic Background Ken received his LLM in taxation from New York University. He was an Adjunct Professor of law at the University of San Diego School of Law in its Graduate Tax Program and has been an instructor at UCLA.

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