Form 8938 Reporting for Taxpayers With Foreign Assets: Integrating FATCA and Latest Enhancements

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


Conducted on Wednesday, December 20, 2017

Recorded event now available

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Program Materials

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.

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 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.

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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 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

Faculty

Lee, Matthew
Matthew D. Lee

Partner
Fox Rothschild

Mr. Lee is a former U.S. Department of Justice trial attorney who concentrates his practice on all aspects of white...  |  Read More

Rosenfeld, Jeffrey
Jeffrey M. Rosenfeld, Esq.

Blank Rome

Mr. Rosenfeld concentrates his practice in the area of business tax law. He counsels clients in a broad array of tax...  |  Read More

Strohl, Marc (new)
Marc J. Strohl, CPA

Principal
Protax Consulting Services

Mr. Strohl specializes in international U.S. individual income taxation issues as related to individual U.S....  |  Read More

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