Form 8938 Reporting for Taxpayers With Foreign Assets: Integrating FATCA and Latest Enhancements
Recording of a 110-minute CPE webinar with Q&A
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.
- 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
Matthew D. Lee
Mr. Lee is a former U.S. Department of Justice trial attorney who concentrates his practice on all aspects of white... | Read More
Mr. Lee is a former U.S. Department of Justice trial attorney who concentrates his practice on all aspects of white collar criminal defense, federal tax controversies, financial institution regulatory compliance, and complex civil litigation. He has significant experience in conducting corporate internal investigations and advising banks and financial institutions as to compliance issues involving FATCA, the Bank Secrecy Act, the USA Patriot Act, anti-money laundering laws and regulations, and economic sanctions. He also represents financial institutions in enforcement proceedings brought by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN).Close
Jeffrey M. Rosenfeld, Esq.
Mr. Rosenfeld concentrates his practice in the area of business tax law. He counsels clients in a broad array of tax... | Read More
Mr. Rosenfeld concentrates his practice in the area of business tax law. He counsels clients in a broad array of tax matters including domestic and international tax matters, state and local tax planning, tax-efficient structuring of domestic and international mergers, acquisitions, divestitures, reorganizations, spin-offs, redemptions and liquidations, formation, operation and acquisition of Subchapter S Corporations, partnerships and limited liability companies. He counsels clients regarding undeclared foreign bank accounts, including “FBAR” reporting obligations.Close
Marc J. Strohl, CPA
Protax Consulting Services
Mr. Strohl specializes in international U.S. individual income taxation issues as related to individual U.S.... | Read More
Mr. Strohl specializes in international U.S. individual income taxation issues as related to individual U.S. expatriates and nonresident aliens or foreign nationals, serving individual clients as well as the employees of employer-sponsored programs of multinational public, non-profit companies and professional firms. He is a member of the AICPA and NYSSCPA’s International Taxation Committee and Taxation of Individuals Committee, and a regular contributor to the NYSSCPA’s “The Trusted Professional” and blog publications. He is featured internationally including his Published main articles in the critically acclaimed Thomson Reuters’ twice-monthly newsletter publication Practical International Tax Strategies. His industry benchmark authoritative executive summary tax articles found at: https://www.protaxconsulting.com/article/ regarding U.S. Expatriate and Foreign National-Nonresident and/ or Resident Alien tax are world renown and standard issue at the big 4 to staff and clients.Close
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