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Foreign Asset Information Reporting Requirements: Filing Thresholds, Reconciling Forms, Entity Classifications

Fundamentals of Offshore Ownership Disclosures: FATCA, FBAR, Business Holdings on Forms 5471 and 8858

Note: CLE credit is not offered on this program

A live 110-minute CPE webinar with interactive Q&A

This program is included with the Strafford CPE Pass. Click for more information.
This program is included with the Strafford CPE+ Pass. Click for more information.
This program is included with the Strafford All-Access Pass. Click for more information.

Thursday, June 27, 2024

1:00pm-2:50pm EDT, 10:00am-11:50am PDT

Early Registration Discount Deadline, Friday, May 31, 2024

or call 1-800-926-7926

This course will provide tax advisers and compliance professionals with a sound foundation for individual taxpayers' complex foreign asset information reporting requirements. The webinar will identify specific classes of offshore ownership interests that require tax reporting when held by individuals subject to U.S. tax jurisdiction, detail the reporting forms specific to asset types, and discuss the intersection of tax reporting and anti-money laundering.


The complex framework of the foreign tax information reporting obligations the United States imposes on individuals subject to its tax jurisdiction can be broken down into two broad categories: asset/information reporting and income/tax calculations. For U.S. taxpayers with business or investment activities located outside the United States, the tax law requires detailed information reporting to identify those assets that generate taxable income. Determining whether a U.S. taxpayer has filing requirements can present a challenge to even seasoned tax advisers.

For tax advisers serving U.S. taxpayers with offshore interests, the information reporting obligations are often as complex as the actual tax calculations. Determining whether a taxpayer has to report offshore holdings often depends on recognizing the U.S. tax law classification of the asset and identifying relevant thresholds that require disclosure. Further complicating matters is that different forms carry different reporting thresholds, even for the same asset holding.

The IRS uses information reporting to determine potential tax noncompliance due to either sheltering or nondisclosure. The U.S. is a signatory to agreements with numerous countries to facilitate tax and asset disclosures among its citizens. The IRS will reconcile various information reporting filings with other asset disclosures, such as the FBAR (FinCen Form 114).

Listen as our expert panel provides a solid grounding in U.S. foreign tax reporting basics and the identification of reporting requirements, thresholds, and rules.



  1. Overview of U.S. information reporting requirements for offshore assets and activities
    1. FBAR and FinCen structure
    2. U.S. information-sharing structures with other countries
    3. Tax avoidance prevention
  2. Required disclosures for cash assets and overlap in reporting
    1. FBAR
    2. FATCA Form 8938
    3. Different reporting thresholds
  3. Reconciling entity classification for U.S. tax purposes
  4. Forms used for reporting interests in foreign businesses
    1. Corporate ownership: Form 5471
    2. Asset transfers to a foreign business entity: Form 926
    3. PFIC: Form 8621
    4. Foreign partnerships: Form 8865
    5. Disregarded entities: Form 8858
  5. Required disclosures of trust interests: Forms 3520, 3520-A
  6. New proposed foreign regulations


The panel will discuss these and other relevant topics:

  • How U.S. foreign tax reporting is structured for both inbound and outbound activities
  • Types of information filings and how they intersect with one another and with income filings
  • Coordination between the U.S. and other countries in identifying assets
  • Thresholds for filing requirements


Kennedy-C. Edward
C. Edward (Ed) Kennedy, Jr., CPA, JD

Managing Director
C Edward Kennedy Jr

Mr. Kennedy has more than 42 years of experience dealing with a variety of international tax matters, specializing...  |  Read More

Santa, Mishkin
Mishkin Santa, JD, LLM, TEP

Principal, Director of International Tax
The Wolf Group

Mr. Santa focuses his practice on repatriation tax, as well as individual income tax compliance, estate, gift &...  |  Read More

Attend on June 27

Early Discount (through 05/31/24)

CPE credit processing is available for an additional fee of $39.
CPE processing must be ordered prior to the event. See NASBA details.

Cannot Attend June 27?

Early Discount (through 05/31/24)

CPE credit is not available on downloads.

CPE On-Demand

See NASBA details.