BarbriSFCourseDetails
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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Tax Preparer

Date & Time
  • event Date

    Tuesday, December 3, 2024

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    110 minutes

Credit Information

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

  • BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

$197.00
CPE
ALL

This course will provide CPAs and tax advisers with a practical guide to navigating the amnesty programs available to rectify a client's failure to properly file required international information forms such as the FBAR, Form 8938, and Forms 5471 and 5472. The panel will focus on compliance professionals' and advisers' roles in identifying potential foreign information reporting issues, correcting filing deficiencies, and navigating the disclosure process.

Faculty

David J. Warner
Tax Attorney, Shareholder & Managing Principal
Holtz, Slavett & Drabkin, APLC

Mr. Warner is a Tax Attorney and the Managing Attorney of the Orange County Office of Holtz, Slavett & Drabkin. He has over 10 years of experience practicing in all aspects of tax controversy including tax audits, collection defense, and litigation in the U.S. Tax Court, U.S. District Court, and the Court of Federal Claims. He represents taxpayers in cases involving income tax, estate tax, gift tax, employment tax, collection issues, innocent spouse, penalties, and bankruptcy tax issues. He also represents taxpayers before the California Franchise Tax Board (FTB), Department of Fee and Tax Administration (CDTFA, formerly State Board of Equalization (BOE)), and Employment Development Department (EDD). He has particular expertise in tax matters involving individuals and small businesses, the examination of partnerships and S corporations, and offshore tax compliance issues, including the Report of Foreign Bank and Financial Accounts (FBAR), civil fraud, and offshore information return penalties.

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Mishkin Santa
Principal, Director of International Tax
The Wolf Group, PC

Mr. Santa focuses his practice on repatriation tax, as well as individual income tax compliance, estate, gift & trust tax compliance, FBAR Assistance, foreign trust tax compliance, exit tax planning, EB-5 investor program, international assignment structuring and planning, offshore voluntary disclosure programs, foreign corporation (Subpart F, Transfer Pricing, E&P Studies), and asset protection planning. His client base includes U.S. citizens living overseas, U.S. nonresidents, EB-5 investors, U.S. domestic individuals and families, international businesses, international based families with investments in multiple jurisdictions and tax residency in multiple jurisdictions, U.S. citizens or residents who are beneficiaries of foreign trusts and who will receive gifts or inheritances from non-US persons,  and trustees of trusts with U.S. grantors or U.S. beneficiaries.


 

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Description

The IRS continues to increase its attention and resources to foreign tax compliance reporting by U.S. persons over the past several years. Tax reporting of international accounts and activities can be vexing. Failure to file foreign tax informational forms typically triggers more severe penalties than failure to file most required domestic tax forms.

The Internal Revenue Code penalties for failing to file certain international forms is $10,000 per unfiled return. Additionally, Code Section 6038(c) provides for a reduction of 10 percent or more of foreign taxes available for credit under Sections 901, 902, and 960.

Likewise, the penalties for failure to file the FBAR (FinCEN Form 114) range from $10,000 for non-willful failure to the greater of $100,000 or 50 percent of the account balance at the time of the violation for willful noncompliance.

Tax advisers and compliance professionals are often the first parties to discover possible noncompliance with these complex foreign information requirements. They are in the best position to seek remedies via one of the IRS' tax amnesty programs.

Advisers serving clients with offshore assets must identify instances where clients are at risk due to missing or incorrect foreign information filings. They should also be thoroughly knowledgeable of the requirements and processes for requesting abatements of penalties for failure to file required foreign tax information.

Listen as our experienced panel provides practical advice for navigating the current tax amnesty programs available to rectify a client's failure to file required international information returns properly.

Outline

  1. Correcting Foreign Reporting Noncompliance - Introduction
  2. IRS Criminal Investigation Voluntary Disclosure Practice (VDP)
  3. Streamlined disclosure program for non-willful delinquency
    1. Streamlined Domestic Offshore Procedures for U.S. resident
    2. Streamlined Foreign Offshore Procedures for non-U.S. resident
  4. Delinquent international information return submission procedures
  5. Delinquent FBAR submission procedures
  6. Evaluating compliance options
  7. Foreign information noncompliance scenarios

Benefits

The panel will discuss these and other relevant topics:

  • What foreign reporting forms are subject to foreign tax reporting penalties?
  • What are the penalty structures for non-willful and willful failure when other violations are in place?
  • What amnesty programs are available to rectify a client's past failures?
  • What criteria should a tax professional consider when advising a client on the best option to correct noncompliance?
  • What documentation and submissions must accompany a corrective filing?

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Identify the various disclosure programs and options to bring noncompliant taxpayers into compliance
  • Discern the filing and documentation requirements for the various disclosure programs
  • Determine the penalties applicable to various types of failure to file situations and penalty abatement opportunities
  • Recognize the difference between willful and non-willful failure to disclose as determined by the IRS
  • Identify the best approach to take when representing a client who has failed to meet foreign asset filing obligations

  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years+ business or public firm experience at mid-level within the organization, preparing complex tax forms and schedules, supervising other attorneys or accountants. Specific knowledge and understanding of foreign asset information reporting requirements, particularly FATCA and FBAR/FinCen 114; familiarity with IRS audit procedures in examining foreign tax reporting, familiarity with voluntary disclosure programs.

Strafford Publications, Inc. 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 Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).