Learn of the detailed rules of foreign asset disclosure: who needs to file and accounts that must be reported, and the potential liability of the taxpayer and tax preparer.
BENEFITS
Earn 2 CPE credits in Taxation.
HIGHLIGHTS
The IRS and other agencies are targeting taxpayers with unreported assets or payments to undocumented overseas suppliers. Tax professionals must be able to operate in the new world of global transparency and be aware of the requirements of Form W-8 Ben (Certificate of Foreign Status for Withholding and Reporting), Form 8938 (Statement of Specified Foreign Assets) and Form 5471 (Information Return with Respect for Certain Foreign Corporations.)
The program will cover rules of foreign asset disclosure including who needs to file and the accounts that must be reported. Best practices for compliance and benefits associated with IRS disclosure programs will be reviewed as well as penalties for nondisclosure for the tax payer and preparer will also be discussed.
Tax attorney Parag Patel is the presenter. He specializes in international reporting issues and has handled over 200 disclosure and tax controversy cases with the IRS and other government agencies.
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COURSE LEVEL
Basic
ADDITIONAL NOTES
Early birds save $15 late fee applied after 11/19. Season Pass holders must register for each event.
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