The Foreign Account Tax Compliance Act (FATCA), enacted to target noncompliance by U.S. taxpayers with certain foreign financial accounts and offshore assets, requires U.S. citizens and residents who own certain foreign financial accounts and offshore assets to report those accounts and assets on Form 8938.
Along the same line, the Internal Revenue Service has focused significant attention on offshore bank accounts and the obligation of U.S. taxpayers to report such accounts on the FBAR (Report of Foreign Bank and Financial Accounts) form.
Both the FBAR Form and Form 8938 remain a complex reporting obligation. In addition, the various similarities between the FBAR and Form 8938 create more confusion among taxpayers. While there is certain information that must be reported on both FBAR and Form 8938, Form 8938 requires information that isn’t included in an FBAR.
In this practical webinar, you will learn how to accurately complete the required FBAR and Form 8938.
Upon completion, you will be able to:
- Identify when a taxpayer has a foreign reporting obligation
- Determine reporting threshold
- Distinguish between foreign accounts and foreign assets
- Determine who is required to file Form 8938 and the FBAR Form
- Outline what is required to be reported on each Form
- Compare Form 8938 and FBAR Filing Requirements
Advanced Preparation: None
Program Level: Intermediate
Field of Study: Taxes
Credit Type: Group Internet Based for the Live Program.
Hussein Tarraf
Tarraf & Associates PC
Hussein Tarraf is the managing partner at Tarraf & Associates PC. Mr. Tarraf has been in public accounting for over 15 years providing tax advisory primarily to small-medium size businesses and high net-worth individuals.
In addition to practicing public accounting, Hussein has extensive teaching and research experience within the discipline. Hussein earned a Doctorate of Business Administration degree from Lawrence Technological University, an MBA from Wayne State University, and a B.A. in Accounting from The Lebanese University.
CLE Credits (Law)
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In some CLE states, the course will be submitted to the bar after you register. If for any reason the course is not approved, we will fully refund your registration fee. If a state is listed on this course, then we are confident the course fits that state's standards and already is or will be approved for credit.
Accounting Credits
| Credit | Value | Field of Study | Format |
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CPE Credit - Maximum Credit Hours: Please see above. You must attend at least 50 minutes to obtain credit. Fields of Study: Please see above. Teaching Method: Lecture. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state’s regulatory board.
Clear Law Institute has registered with the Texas State Board of Public Accountancy as a CPE Sponsor. This registration does not constitute an endorsement by the Board as to the quality of our CPE Program.
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