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.
FBAR. Form 8938.
CPAs and other tax professionals.
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.
- 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.
Adam Fayne, Western CPE
Adam Fayne assists companies and individuals, nationally and internationally, on corporate and tax issues. As a corporate attorney, Adam routinely advises management or in-house general counsel on various legal matters affecting their day-to-day corporate activities. His experience includes handling matters involving mergers and acquisitions, employment, compliance, litigation, personal injury, vendor contract review and negotiations, employment benefits, financing, real estate and many other issues. Adam is also a tax attorney who helps businesses and individuals with tax controversies before the Internal Revenue Service (IRS) and tax planning both domestically and internationally. He also handles a variety of white collar criminal matters, both federal and state, particularly involving civil and criminal tax fraud, including tax evasion, money laundering and offshore tax compliance. Adam’s knowledge of tax law is informed by his former role as a Special Assistant U.S. Attorney with the Department of Treasury’s IRS.
Non-Member Price $56.00
Member Price $49.00