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FATCA Reporting: Filing Form 8938 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

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Conducted on Monday, March 11, 2024

Recorded event now available

or call 1-800-926-7926

This course 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 explain the latest changes to Form 8938 and review IRS guidance 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 foreign asset information reporting developments 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, as well as gives 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 the 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
Tax Attorney & 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
Counsel
Kostelanetz

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

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