Foreign Bank Accounts & Assets
Duration: 120 Minutes
Many of our client's may have opened foreign bank accounts to avoid IRS scrutiny. This class will alert you to IRS enforcement efforts and the compliance requirements for foreign accounts. Since 2008 IRS has begun an aggressive enforcement program aimed at those with offshore accounts. Taxpayers, foreign bankers and foreign banks have been prosecuted. Even those avoiding prosecution can face penalties that exceed the value of their offshore accounts. Contemporaneously the IRS has offered various voluntary disclosure programs. The latest initiative was announced June 18, 2014 and offers various methods for taxpayers to correct omitted returns and income for foreign financial assets.
Objectives of the Presentation
Why Should you Attend
- Become aware of tax filing requirement of taxpayers with foreign accounts
- Learn the filing requirement of foreign trusts and their beneficiaries
- Knowledge of the IRS current procedures for correction of foreign issues
Attend this webinar to learn the best ways to assist noncompliant taxpayers based upon their individual facts and circumstances. You will also learn of the filing requirements for reporting offshore income and assets for foreign bank accounts, foreign trusts, foreign corporations and foreign partnerships. During the class you will also learn all the appropriate methods for correcting prior failures to file required returns.
Who can Benefit
- Enrolled Agents (EAs)
- CTEC Registered Tax Preparer (CRTP)
- Certified Public Accountant (CPA)
- Other Tax Return Preparers (OTRP)