Foreign Asset Disclosure / The Future of the Accounting Marketplace (E1709529)

Foreign Asset Disclosure

Parag P. Patel, Esq.

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. 

The Future of the Accounting Marketplace and the Impact on Strategy

Joe Tarasco and Nancy Damato, Accountants Advisory Group

In this program, we will address:

• Strategies to adapt quickly to the needs of the changing marketplace as traditional services are commoditizing and becoming increasingly fee sensitive.
•  How to become an “Integrated Solutions Provider” by developing truly innovative technical and advisory/consulting provider based on market demand and to complement existing compliance services.
•  Properly positioning the firm in this ever-changing marketplace to gain a competitive edge.
•  Aligning and bundling the firm’s services by leveraging technical and advisory resources to satisfy specific market demand.

Building a Talent Base for the Firm of the Future

• “Continuous recruiting” for experienced professionals — “just in time” recruiting is no longer
  a practical and sustainable option for managing an accounting firm.
• Top 10 retention factors, policies, and strategies for a contemporary and future workforce.

Leading and Managing the Firm of the Future

• Leading and managing the firm through navigating the “Perfect Storm,” including:
• Increased competition for clients and staff;
• Succession planning as “Baby Boomer” partners are retiring with unfunded buy-outs;
• Consolidation of the accounting industry; and
• Bottom line pressures with increasing direct labor costs while traditional compliance services are facing increasing fee sensitivity.
• Leading, motivating, and managing for results beyond partner accountability structures.
• Different approaches to partner compensation to motivate and reward positive results. How
  to deal with mediocre performers and “comfort zoners.”
• The fine art of managing the firm as a “business vs. a practice.”
• Leading positive change and culture — Is your firm “future ready?”