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Foreign Information Tax Returns and the IRS Offshore Voluntary Disclosure Program (4162726C)
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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.

8/29/2016
When: 9:30 am - 5:30 pm
Where: Webinar/Webcast
United States
Contact: April Deneault
801-466-8022


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Acronym FITR
CPE 8
Category
Tax
Level Intermediate
Vendor CalCPA
Who should attend Tax practitioners who want to enhance their understanding of the foreign procedural tax regime.
Prerequisite
Basic knowledge of all types of tax returns.
Fees: Early Bird
Standard
Member N/A
$245
Non-Member: N/A
$375

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:
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; criminal and civil penalties that may be imposed for failure to properly report offshore assets and transactions; and provide useful information to determine whether or not your clients may encounter problems in regard to their offshore assets and bank accounts.
We'll also dive into the IRS foreign voluntary disclosure program and streamlined offshore procedure, as well as the use of voluntary disclosures to eliminate or mitigate your clients' criminal and civil exposures.
You'll walk away with a working knowledge of IRS and Department of Treasury foreign information returns, procedures and policies to effectively represent clients and comply with Circular 230.

Major Topics:

  • IRS foreign information returns and Civil Penalties Information Chart
  • Report of Foreign Bank and Financial Accounts: Form 114 (FBAR) and 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
  • 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
  • IRS Offshore Voluntary Disclosure Program
  • IRS offshore audit procedures and policies

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.


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