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Course Details

The New And Enhanced FBAR And FATCA Requirements

Webinar: ID# 1034636
Recorded On-Demand
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About This Course:
This webinar will provide a general overview of the latest changes that have been made to FATCA and FBAR rules. The information will help you answer questions such as who is required to file Form 8938, Statement of Specified Foreign Financial Assets, what assets must be disclosed and what are the penalties for noncompliance, what is an FBAR form, how does it differ from Form 8938 form, and what are the penalties for noncompliance?

In addition, this course will cover important details regarding FATCA reporting obligations for foreign banks, the current status of FATCA implementation, and implications for U.S. taxpayers with foreign accounts.What You'll Learn:Foreign Bank Account Reporting (FBAR/FinCEN 114)
  • Who Is Required to File 1
  • What Information Is Required to Be Included in FBAR
  • Procedural Aspects of Filing Requirement
  • Penalties for Noncompliance
FATCA Reporting by Taxpayers (Form 8938)
  • Who Is Required to File
  • What Information Is Required to Be Included in Form 8938
  • Procedural Aspects of Filing Requirement
  • New Filing Requirements for Certain Domestic Entities
  • Penalties for Noncompliance
FATCA Reporting by Foreign Financial Institutions
  • Background and Introduction to FATCA
  • What Foreign Banks Are Required to Report
  • How the IRS Will Make Use of Information That Is Reported
IRS/DOJ Enforcement Update
  • Criminal Enforcement Activity
  • Civil Enforcement Activity and Audits
  • Options for Noncompliant Taxpayers
  • OVDP
  • Streamlined Filing Compliance Procedures
  • Other Options
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The New And Enhanced FBAR And FATCA Requirements
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