Form 8938 Reporting For Taxpayers With Foreign Assets: Integrating FATCA And Latest Enhancements

Webinar: ID# 1026558
Recorded CD or On-Demand
About This Course:
This webinar will provide tax advisers with a practical guide to Foreign Account Tax Compliance Act (FATCA) reporting for taxpayers holding foreign assets. The panel will define the term “specified foreign asset” that must be reported, discuss valuation issues, and offer thorough instruction on completing Form 8938, Statement of Specified Foreign Assets.

FATCA continues to challenge tax advisers and compliance professionals. As information sharing agreements between the U.S. and foreign governments increase, the IRS has modified the FATCA reporting regime. Tax advisers must stay current with filing requirements and the latest developments in foreign asset information reporting to avoid steep penalties.

Form 8938 requires taxpayers to disclose ownership interests in specified offshore assets or risk monetary penalties or prosecution. The full-scale implementation of the foreign financial institution reporting regime imposed by FATCA gives the IRS even more information to reconcile taxpayer filings, increasing the Service’s ability to track foreign asset holdings and detect noncompliance.

Listen as our panel provides an in-depth discussion on what qualifies as a “specified foreign asset,” how the existing regulations impact dual resident taxpayers, and valuation rules related to foreign currency, and will give useful guidance on completing Form 8938.

  • Specified foreign financial assets requiring information reporting on Form 8938
  • Preparation of Form 8938, Statement of Specified Foreign Assets
  • Exceptions to filing Form 8938 and relationship among Forms 8938, 5471, 8865, 8833, and FinCEN 114 (FBAR)
  • Penalties for noncompliance and options for curing noncompliance

The panel will review these and other key issues:
  • Who is required to file Form 8938
  • What is required to be reported on Form 8938
  • Final regulations that apply reporting requirements to specified domestic entities
  • The overlap of FATCA reporting with foreign bank account (FBAR) reporting
How To Access Course And Materials

Handout materials and the phone number for live presentations are made available to you one day prior to the event via email from the presenter. Copies of the presentations are included with recorded versions.

If you order a recorded version of the webinar, CDs will be mailed out approximately 10 days after the live event. Shipping is included in the price of recorded versions.

Continuing Education Credits Available

This program has been approved for 2.0 CPE hours through Strafford Publications. To obtain CPE credit, attendees must participate in the live event (recorded versions do not qualify for credit), return an Official Record of Attendance to Strafford affirming their participation (including the CPE code announced during the program), and pay a processing fee of $35 per person.

Strafford will mail a certificate of credit within approximately two weeks of receiving your completed Official Record of Attendance, provided all required conditions have been satisfied.

Strafford is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit.
Form 8938 Reporting For Taxpayers With Foreign Assets: Integrating FATCA And Latest Enhancements
Available on CD or On-Demand formats
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