To excel as a tax practitioner in an increasingly global marketplace, you must familiarize yourself with the preparation of tax forms for clients conducting foreign transactions or with assets in international accounts. Gain a thorough understanding of foreign information return reporting requirements and valuable techniques to determine whether or not your clients may encounter foreign income tax problems. Attain a working knowledge of IRS and Department of Treasury foreign information returns to represent clients and comply with Circular 230 effectively. All essential concepts will be discussed in light of the resurrected IRS foreign voluntary disclosure program, which reduces the foreign information return burden. Companion course: A California CPAs Confidentiality Duties in Tax Practice 2024
Target Audience
Tax practitioners who want to enhance their understanding of the foreign procedural tax regime.
Course Objectives
Gain a working knowledge of all the foreign information returns
Identify key defenses to IRS criminal and civil penalties for faulty foreign returns or non-filed foreign returns
Recognize the significance of the IRS voluntary disclosure policy related to offshore transactions and accounts
Subjects
IRS foreign information returns and Civil Penalties Information Chart
Report of Foreign Bank and Financial Accounts: Form Fin CEN Form 114
FBAR penalty mitigation rules
Statement of Specified Foreign Financial Assets: Form 8938
Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Gifts: Form 3520
Annual Information Return of Foreign Trust With a US Owner: Form 3520-A
Information Return of U.S. Persons concerning Certain Foreign Corporations: Form 5471
Information Return of a 25% Foreign-Owned or a Foreign Corporation Engaging in a US Trade or Business: Form 5472
Return by a US Transfer of Property to a Foreign Corporation: Form 926
Return of U.S. Persons concerning Certain Foreign Partnerships: Form 8865
Information Return of U.S. Persons concerning Foreign Disregarded Entities: Form 8858
Return by Shareholder of a Passive Investment Company or Qualified Electing Fund: Form 8621
Current procedures for participation in the IRS Offshore Voluntary Disclosure Program (OVDP)
Prerequisites
Assumes some knowledge of all types of tax returns.