CPE & Events Catalog
Don Farmer's Basics of Foreign Reporting for Individuals: How to Avoid Large Penalties VIRTUAL
U.S. individuals with foreign financial accounts and assets face complex reporting requirements and potentially severe civil penalties for noncompliance. This focused 2-hour program provides a practical overview of key international reporting obligations for individuals, including FBAR (FinCEN Form 114), FATCA reporting (Form 8938), and related information returns.
Participants will review filing thresholds, definitions of foreign financial accounts and specified foreign financial assets, and common problem areas such as foreign trusts, gifts, and ownership of foreign entities. The course emphasizes penalty structures, IRS enforcement trends, and compliance strategies designed to help practitioners identify risks and guide clients in avoiding costly mistakes.
Through practical examples and case-based discussion, attendees will gain clarity on when reporting is required, how forms interact, and how to minimize exposure to significant penalties.
Learning Objectives
Upon completion of this program, participants will be able to:
1. Identify U.S. reporting requirements for foreign financial accounts and specified foreign financial assets.
2. Determine when FBAR (FinCEN Form 114) and Form 8938 filing thresholds are met.
3. Differentiate between common international information returns required of individuals (e.g., Forms 3520, 5471, 8865).
4. Recognize civil penalty structures and IRS enforcement mechanisms related to foreign reporting failures.
5. Apply practical compliance and documentation strategies to reduce client exposure to significant penalties.
Highlights
U.S. individuals with foreign financial accounts and assets face complex reporting requirements and potentially severe civil penalties for noncompliance. This focused 2-hour program provides a practical overview of key international reporting obligations for individuals, including FBAR (FinCEN Form 114), FATCA reporting (Form 8938), and related information returns.
Participants will review filing thresholds, definitions of foreign financial accounts and specified foreign financial assets, and common problem areas such as foreign trusts, gifts, and ownership of foreign entities. The course emphasizes penalty structures, IRS enforcement trends, and compliance strategies designed to help practitioners identify risks and guide clients in avoiding costly mistakes.
Through practical examples and case-based discussion, attendees will gain clarity on when reporting is required, how forms interact, and how to minimize exposure to significant penalties.
Field of Study: Taxation
Who Should Attend
CPAs and tax practitioners in public practice, tax professionals, and practitioners who advise individual clients with foreign financial accounts, foreign investments, or cross-border financial interests.
Required Knowledge
None
