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Understanding the Foreign Account Tax Compliance Act (Z1-FOR1)

100 Minutes
On demand

On Demand

2.0 CPE Credits in TX

OVERVIEW

The Foreign Account Tax Compliance Act (FATCA), enacted to target noncompliance 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.

DESIGNED FOR

Tax professionals advising clients with respect to foreign account reporting.

BENEFITS

  • Complete Forms 8938 accurately and correctly
  • Advise clients with respect to foreign asset required reporting

HIGHLIGHTS

  • 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 a 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
  • Foreign Institutional reporting under FATCA

COURSE LEVEL

Intermediate

PREREQUISITES

Basic understanding of individual income tax rules.

ADVANCE PREPARATION

None

PRICING

$36.75 - Member

$49.00 - Non Member

ALSO AVAILABLE

COURSE DEVELOPER

Surgent

AREAS OF INTEREST