If a client has a financial interest in or signature authority over a foreign financial account, including a bank account, brokerage account, mutual fund, trust, or other type of foreign financial account exceeding certain thresholds, the Bank Secrecy Act may require that taxpayer to report the account yearly to the Department of Treasury. This is done by electronically filing a Financial Crimes Enforcement Network (FinCEN) 114, Report of Foreign Bank and Financial Accounts (FBAR).
DESIGNED FOR
Tax professionals advising clients with respect to foreign asset and foreign account reporting.
BENEFITS
- Complete FinCen Form 114
- Advise clients with respect to foreign bank and financial asset required reporting
HIGHLIGHTS
- New filing date for FinCen Form 114
- Individuals required to file FinCen Form 114
- Reporting thresholds for FinCen Form 114
- Penalties for failure to file a required FinCen Form 114
- Offshore Voluntary Disclosure Program
- Delinquent FBAR Submission Procedures
- Other foreign activity reporting, including foreign trusts, partnerships interests, and investments in foreign corporations
COURSE LEVEL
Intermediate
PREREQUISITES
Basic understanding of individual income tax rules.
ADVANCE PREPARATION
None