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Surgent's Report of Foreign Bank and Financial Accounts (FOR2)
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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 & 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.

6/24/2016
When: Friday, June 24, 2016
11:00 AM - 1:00 PM
Where: Webinar/Webcast
United States
Contact: April Deneault
801-466-8022


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Acronym FOR2
CPE 2 hours
Category
Taxes
Level Intermediate
Vendor Surgent
Who should attend

Tax professionals advising clients with respect to foreign asset and 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:
If a client has a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account exceeding certain thresholds, the Bank Secrecy Act may require that taxpayer to report the account yearly to the Department of Treasury. This is done by electronically filing a Financial Crimes Enforcement Network (FinCEN) 114, Report of Foreign Bank and Financial Accounts (FBAR). This program discusses all aspects of FBAR reporting, including delinquent reporting issues and the Offshore Voluntary Disclosure Program.

Major Topics:

  • New filing date for FinCen Form 114
  • Individuals required to file FinCen Form 114
  • Reporting thresholds for FinCen Form 114
  • Filing deferral for certain individuals with signature authority only, effective through June 30, 2016
  • Penalties for failure to file a required FinCen Form 114
  • Offshore Voluntary Disclosure Program
  • Delinquent FBAR Submission Procedures
  • Other foreign activity reporting including foreign trusts, partnerships interests, and investments in foreign corporations

Objectives:

  • Ability to complete FinCen Form 114
  • Be able to advise clients with respect to foreign bank and financial asset  required reporting

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