This course will prepare you for the 2022 filing season by updating you on the new legislation, rulings and IRS pronouncements that impact US international tax reporting. New in this series of updates is a look at the changes to the 2021 international tax forms and potential changes to the 2022 forms. In this portion David Jarmusz, CPE, JD, LLM, will be covering the topic of Foreign Asset Reporting as of May 2022.
Foreign assets. The FBAR. Foreign financial accounts. Financial interest. Form 8938. Penalties
CPAs, financial professionals, enrolled agents and attorneys.
Why the concern with foreign assets? Reporting Foreign Financial Assets. The new IRS FBAR reference guide (March 2022). FinCen 114 (FBAR)- Who must file? FinCen 114- How is it filed? Form 8938 - The statement of specified foreign financial assets. Who must file? Filing thresholds. Form 8938 and FBAR reportable assets. Other reporting forms. Penalties. Options for noncompliance with foreign reporting obligations. 1099s Form- foreign financial institutions. Streamlined filing compliance procedures. Examples.
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David F. Jarmusz, CPA, JD, LLM, is a partner at Jarmusz & Associates Tax, LLC. He is also a veteran of the international tax departments of the ‘Big 4’ accounting firms of Coopers & Lybrand (Washington, D.C. and London, UK) and Ernst & Young LLP (Chicago). As a lifelong international tax practitioner, he has assisted hundreds of clients around the world. He earned a BS in accounting from the Canisius College of Buffalo, NY, a Juris Doctorate from the University of Detroit Law School, and Master of Laws in Taxation from the Georgetown University Law Center.
David resides in the Chicago suburb of Winnetka, Il. In his free time, he sails with his family on Lake Michigan and watches the Buffalo Sabres in their lengthy pursuit of the Stanley Cup. He is also active with his sons through the Boy Scouts of America where he holds a leadership position.
Non-Member Price $56.00
Member Price $49.00