2022 Foreign Assets: Filing Requirements and Penalty Relief FLEXCAST

Overview

The Internal Revenue Code require taxpayers with foreign assets and business interests to report such assets and the attributable income. If a taxpayer fails to report such assets and income, they may face large punitive penalties. Many of these penalties can be reduced or abated by a knowledgeable, skilled practitioner. In this course, Adam Fayne covers the most common foreign compliance penalties. You will learn details about the IRS tax code that can substantially reduce many foreign tax penalties asserted by the IRS against your clients.

Highlights

FBAR. Form 8938.

Prerequisites

None.

Designed For

CPAs and other tax professionals.

Objectives

Identify the specific components of the Foreign Bank Account penalties. Identify the specific components of the Form 5471, Form 8938, and other foreign compliance penalties. Identify the specific requirements of the various reasonable cause assertions. Understand the delinquent compliance programs offered by the IRS to reduce these penalties, e. g. Streamlined Foreign Compliance Program.

Preparation

None.

Notice

• This is a FlexCast (no exam required) and may be viewed only Monday - Saturday, 5am - 5pm PT.
• You may take up to one year from the date of purchase to complete the course.
• Pause your FlexCast and resume at a convenient day during the hours above.
• Partial credit for 2+ credit courses: If you are unable to complete the course in one sitting, partial credit can be awarded (minimum of one credit). To earn the remaining credits, you must return later and start the course from the beginning.
• Use chat to ask questions of a subject matter expert during the program.