Reporting Foreign Accounts & Assets: FBAR vs. Form 8938

EVENT DATE:

Feb 13,2024
12:00 PM ET | 11:00 AM CT | 09:00 AM PT | 120 Minutes
  • Webinar Instruction will be emailed on your registered email address 3 days prior to webinar
  •  | 
  • Web Download / e-Transcript will be shared in 7 working days from the date of webinar

This program has been approved NASBA & IRS CPE Credit 2(Taxes)

Download Attendee Material

Conference Material (Password Required)

The Foreign Account Tax Compliance Act (FATCA), enacted to target noncompliance by U.S. taxpayers with certain foreign financial accounts and offshore assets, requires U.S. citizens and residents who own certain foreign financial accounts and offshore assets to report those accounts and assets on Form 8938.

This session will focus on FBAR reporting and contrast it with the filing requirements for Form 8938. Do we really have to file both?! Learn to distinguish between foreign accounts and foreign assets; become familiar with reporting thresholds; beware of the harsh consequences for non-compliance. But there’s more:  Forms 3520, 5471, 8621, 8865 and 8891. Forms 926, 5472, 8300 and 8854. Find out what the wrath of FATCA has wrought

Session Highlights:
  • Identify when a taxpayer has a foreign reporting obligation
  • Determine reporting threshold
  • Compare Form 8938 and FBAR Filing Requirements
  • Recognize the overlap of reporting mandates stemming from regulations enacted decades apart.
  • Compile the information necessary to properly report foreign accounts and assets.
  • Implement best practices to help clients avoid penalties and potential criminal prosecution.
  • Understand the options available to those who have been non-compliant.
  • Distinguish between foreign accounts and foreign assets
  • Determine who is required to file Form 8938 and the FBAR Form
  • Who must file a Form 3520-A or ensure that a Form 3520-A is filed; 
  • Outline what is required to be reported on each Form
  • Identify Form 8938 filing exceptions and its relationship among other tax forms

Credits and Other information:

  • Recommended CPE credit – 2.0
  • Recommended field of study – Taxes
  • Session Prerequisites and preparation: None
  • Session learning level: Basic
  • Location: Virtual/Online
  • Delivery method: Group Internet Based
  • IRS Course ID: PJGWS-T-00076-23-O
  • Attendance Requirement:  Yes
  • Session Duration: 2 Hours
  • Case Studies and Live Q&A session with speaker
  • PowerPoint presentation for reference

Who Will Benefit:

  • CPA's
  • Tax Attorneys
  • Accountants
  • Tax Compliance Managers
  • Tax Compliance Officers
  • Enrolled Agents
  • Finance professional
  • Other Tax Professionals

Coder Archives is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

Speaker Profile:

Patrick McCormick, JD, LLM is a principal and attorney at Drucker & Scaccetti (D&S) who focuses on international taxation and related issues for domestic businesses and individuals. He has extensive experience in handling complex tax planning and tax controversy issues as well as the design, drafting and implementation of estate and gifting plans for American citizens and residents with foreign assets. He also helps clients with retroactive disclosures and assessments related to international assets.

Prior to joining D&S, Patrick was an attorney at a New Jersey-based law firm, where he created, developed and led its international practice. He worked on complex foreign estates, qualified domestic trusts and corporate/partnership planning for foreign entities.

Our Accreditation Partners