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

    Thursday, June 27, 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 tax advisers and compliance professionals with a sound foundation for individual taxpayers' complex foreign asset information reporting requirements. The webinar will identify specific classes of offshore ownership interests that require tax reporting when held by individuals subject to U.S. tax jurisdiction, detail the reporting forms specific to asset types, and discuss the intersection of tax reporting and anti-money laundering.

Faculty

C. Edward Kennedy
Managing Director
C Edward Kennedy Jr, PC

Mr. Kennedy has more than 42 years of experience dealing with a variety of international tax matters, specializing in tax consulting services to a wide variety of clients ranging from closely held companies to multi-national businesses. His expertise includes domestic and foreign income and social security tax planning, tax compliance for individuals and corporations, tax treatment of incentive compensation plans, international assignment program administration, and international assignment policy design. Mr. Kennedy has also served as the U.S. practice leader for international social security matters for a Big 4 accounting firm. He is a frequent speaker in the areas of international tax compliance and reporting obligations U.S. information reporting requirements for foreign assets and foreign entities, U.S. tax implications of foreign pension and social security plans, and U.S. income and social tax treaty planning. Mr. Kennedy is a member of the Texas Bar and is licensed as a certified accountant in Georgia and Texas. He has a B.A. from Furman University and a J.D. from Vanderbilt University School of Law.

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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 complex framework of the foreign tax information reporting obligations the United States imposes on individuals subject to its tax jurisdiction can be broken down into two broad categories: asset/information reporting and income/tax calculations. For U.S. taxpayers with business or investment activities located outside the United States, the tax law requires detailed information reporting to identify those assets that generate taxable income. Determining whether a U.S. taxpayer has filing requirements can present a challenge to even seasoned tax advisers.

For tax advisers serving U.S. taxpayers with offshore interests, the information reporting obligations are often as complex as the actual tax calculations. Determining whether a taxpayer has to report offshore holdings often depends on recognizing the U.S. tax law classification of the asset and identifying relevant thresholds that require disclosure. Further complicating matters is that different forms carry different reporting thresholds, even for the same asset holding.

The IRS uses information reporting to determine potential tax noncompliance due to either sheltering or nondisclosure. The U.S. is a signatory to agreements with numerous countries to facilitate tax and asset disclosures among its citizens. The IRS will reconcile various information reporting filings with other asset disclosures, such as the FBAR (FinCen Form 114).

Listen as our expert panel provides a solid grounding in U.S. foreign tax reporting basics and the identification of reporting requirements, thresholds, and rules.

Outline

  1. Overview of U.S. information reporting requirements for offshore assets and activities
    1. FBAR and FinCen structure
    2. U.S. information-sharing structures with other countries
    3. Tax avoidance prevention
  2. Required disclosures for cash assets and overlap in reporting
    1. FBAR
    2. FATCA Form 8938
    3. Different reporting thresholds
  3. Reconciling entity classification for U.S. tax purposes
  4. Forms used for reporting interests in foreign businesses
    1. Corporate ownership: Form 5471
    2. Asset transfers to a foreign business entity: Form 926
    3. PFIC: Form 8621
    4. Foreign partnerships: Form 8865
    5. Disregarded entities: Form 8858
  5. Required disclosures of trust interests: Forms 3520, 3520-A
  6. New proposed foreign regulations

Benefits

The panel will discuss these and other relevant topics:

  • How U.S. foreign tax reporting is structured for both inbound and outbound activities
  • Types of information filings and how they intersect with one another and with income filings
  • Coordination between the U.S. and other countries in identifying assets
  • Thresholds for filing requirements

NASBA Details

    earning Objectives

    After completing this course, you will be able to:

    • Establish the filing requirements for Form 8938 and FBAR (FinCEN 114)
    • Identify financial interest and specified foreign financial assets (SFFAs)
    • Ascertain the required disclosures of trust interests and other information required on Form 3520 and 3520-A
    • Understand the coordination between U.S. and other countries in identifying assets
    • Reconcile entity classifications for U.S. reporting purposes
    • Identify reporting requirements for reporting interests in foreign businesses

    • 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: Two years+ business or public firm experience at mid-level within the organization, supervising other preparers/accountants, preparing complex individual tax forms and schedules. Familiarity with entity classification rules for foreign holdings.

    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).