Print Page   |   Contact Us   |   Sign In   |   Join
Surgent's Foreign Account Tax Compliance Act (FOR1)
Tell a Friend About This EventTell a Friend
 

The Foreign Account Tax Compliance Act (FATCA), enacted to target non-compliance by U.S. taxpayers with certain foreign financial accounts & offshore assets, to report those accounts & assets on Form 8938. FATCA 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.

6/9/2016
When: Thursday, June 9, 2016
8:00 AM - 10:00 AM
Where: Webinar/Webcast
United States
Contact: April Deanult
801-466-8022


Online registration is closed.
« Go to Upcoming Event List  

Acronym FOR1
CPE 2 hours
Category
Taxes
Level Intermediate
Vendor Surgent
Who should attend

Tax professionals advising clients with respect to foreign account reporting

Prerequisite
Basic understanding of individual income tax rules
Fees: Early Bird
Standard
Member N/A
$89
Non-Member: N/A
$109

The Member rate applies to UACPA members and reciprocal state society members. To register online, use the ‘Register’ button above. To register by phone, call the UACPA at 801.466.8022, Monday through Friday, 8am to 4pm.

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.

Major 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

Objectives:

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

Membership Management Software Powered by YourMembership  ::  Legal