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.