This webinar will provide tax advisers and compliance professionals with a sound foundation on the complex foreign asset information reporting requirements for individual taxpayers.

The webinar will identify specific classes of offshore ownership interests that require tax reporting when held by individuals subject to U.S. tax jurisdiction, detail the reporting forms specific to asset types, and discuss the intersection of tax reporting and anti-money laundering.

Outline:

      I.         Understand the U.S. information reporting requirements for offshore assets and activities

                     A.         Foreign Bank Account Reporting

                      B.         Foreign Financial Asset Reporting

                      C.         U.S. information-sharing structures with other countries

                     D.         Tax avoidance prevention - IRS Compliance Campaigns

    II.         Required disclosures of  cash assets and overlap in reporting

                     A.         FBAR

                      B.         FATCA Form 8938

                      C.         Different reporting thresholds

  III.         Required disclosures of trust interests and other information: Forms 3520 and 3520-A

 IV.         Understand the various forms used to report interests in foreign businesses

                     A.         Corporate ownership: Form 5471

                      B.         PFIC: Form 8621

                      C.         Foreign partnerships: Form 8865

                     D.         Disregarded entities: Form 8858

                      E.         Asset transfers to a foreign business entity: Form 926

                      F.         CBC reporting

   V.         Reconciling entity classification for U.S. tax purposes