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.
DESIGNED FOR
Tax professionals advising clients with respect to foreign account reporting.
BENEFITS
- Complete Forms 8938 accurately and correctly
- Advise clients with respect to foreign asset required reporting
HIGHLIGHTS
- Taxpayers required to file Form 8938
- Specified foreign financial assets reportable on Form 8938
- FATCA reporting thresholds for those individuals living in the United States and those living abroad
- FATCA treatment of jointly owned reportable assets
- Meaning of a reportable “interest” in a specified foreign financial interest
- Valuing specified foreign financial assets
- Notable exceptions from the requirement to file Form 8938
- Mechanics of filing Form 8938
- Penalties for failure to file
- Form 8938 and the FBAR
- Foreign Institutional reporting under FATCA
COURSE LEVEL
Intermediate
PREREQUISITES
Basic understanding of individual income tax rules.
ADVANCE PREPARATION
None