FATCA After Tax Reform: Form 8938 Reporting for Taxpayers With Foreign Assets, Integrating Latest IRS Guidance

Note: CLE credit is not offered on this program

Recording of a 110-minute CPE webinar with Q&A


Conducted on Thursday, October 24, 2019

Recorded event now available

or call 1-800-926-7926
Program Materials

This webinar will provide tax advisers with a practical guide to the Foreign Account Tax Compliance Act (FATCA) reporting for taxpayers holding foreign assets. The panel will define reportable "specified foreign assets," discuss valuation issues, and offer thorough instruction on completing Form 8938, Statement of Specified Foreign Assets. The webinar will outline how the 2017 tax reform law and subsequent IRS guidance changed the thresholds for reporting requirements.

Description

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 discusses 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.

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Outline

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

Benefits

The panel will review these and other noteworthy issues:

  • Who must file Form 8938
  • What to report on Form 8938
  • Final regulations that apply reporting requirements to specified domestic entities
  • The overlap of FATCA reporting with foreign bank account reporting

Faculty

Drabkin, Igor
Igor S. Drabkin

Principal
Holtz Slavett & Drabkin

Mr. Drabkin represents tax clients in disputes with the IRS and state revenue authorities, both administratively...  |  Read More

Mohammad, Usman
Usman Mohammad

Of Counsel
Kostelanetz & Fink

Mr. Mohammad joined the firm in 2000. His practice areas include commercial litigation, tax controversies, and state...  |  Read More

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