Virtual
Foreign Information Returns: Key Forms 202
Date: Feb. 3, 2025
Time: 8 – 10 a.m. PT
Member
$89.00
Nonmember
$119.00
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Overview
To excel as a tax practitioner in an increasingly global marketplace, you must familiarize yourself with the preparation of tax forms for clients conducting foreign transactions or with assets in international accounts. Gain a thorough understanding of foreign information return reporting requirements and valuable techniques to determine whether or not your clients may encounter foreign income tax problems. Attain a working knowledge of IRS and Department of Treasury foreign information returns to represent clients and comply with Circular 230 effectively. All essential concepts will be discussed in light of the resurrected IRS foreign voluntary disclosure program, which reduces the foreign information return burden.
Companion course: A California CPAs Confidentiality Duties in Tax Practice 2024
Product Code
1000002657-124872
Credit Type
CPE: 2CPE-Technical: 2CTEC-TX: 2IRS-TX: 2Accessibility
Closed Captioning Available
Intended Audience
Tax practitioners who want to enhance their understanding of the foreign procedural tax regime.
NASBA Field of Study
Taxes
Level of Difficulty
Intermediate
Prerequisites
Assumes some knowledge of all types of tax returns.
Advance Preparation
None
Learning Objectives
Major Subjects
- IRS foreign information returns and Civil Penalties Information Chart
- Report of Foreign Bank and Financial Accounts: Form Fin CEN Form 114
- FBAR penalty mitigation rules
- Statement of Specified Foreign Financial Assets: Form 8938
- Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Gifts: Form 3520
- Annual Information Return of Foreign Trust With a US Owner: Form 3520-A
- Information Return of U.S. Persons concerning Certain Foreign Corporations: Form 5471
- Information Return of a 25% Foreign-Owned or a Foreign Corporation Engaging in a US Trade or Business: Form 5472
- Return by a US Transfer of Property to a Foreign Corporation: Form 926
- Return of U.S. Persons concerning Certain Foreign Partnerships: Form 8865
- Information Return of U.S. Persons concerning Foreign Disregarded Entities: Form 8858
- Return by Shareholder of a Passive Investment Company or Qualified Electing Fund: Form 8621
- Current procedures for participation in the IRS Offshore Voluntary Disclosure Program (OVDP)
Faculty
Additional Details
This is a pre-recorded broadcast. The Instructor will be available to answer questions via the chat feature.