Foreign Information Returns: Key Forms 2024
2.00 Credits
Member Price $89
Non-Member Price $119
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
Highlights
- 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)
Prerequisites
Assumes some knowledge of all types of tax returns.
Designed For
Tax practitioners who want to enhance their understanding of the foreign procedural tax regime.
Objectives
- Gain a working knowledge of all the foreign information returns
- Identify key defenses to IRS criminal and civil penalties for faulty foreign returns or non-filed foreign returns
- Recognize the significance of the IRS voluntary disclosure policy related to offshore transactions and accounts
Preparation
None
Leader(s):
Leader Bios
Arthur Dellinger, CalCPA Education Foundation
Arthur J. (Kip) Dellinger, Jr., CPA, provides services as an expert in the areas of CPA tax practice regulatory discipline and malpractice matters. This includes his engagement by Big 4 CPA firms as an expert pertaining to conduct matters and substantive technical issues in several tax shelter malpractice cases. Mr. Dellinger also represents clients in tax controversy matters and provides services to tax counsel in criminal and civil tax proceedings. He has written over three-dozen articles and is a nationally recognized speaker in the areas of tax standards, tax procedure and substantive estate tax matters. He is also a Policy Perspectives columnist for Tax Notes magazine. Mr. Dellinger is a past-Chair of the AICPA Tax Division’s Tax Practice Responsibilities Committee and is the author of the Practical Guide to Federal Tax Practice Standards (CCH, 2007). He developed and teaches full day courses on Tax Practice Standards, Conduct and Quality Control for California CPAs, FIN 48: Uncertain Tax Positions and Quality Control in a Tax Practice for the Education Foundation of the California Society of CPAs. Mr. Dellinger has spoken before the U.S.C. Law School Institute on Federal Taxation, the AICPA National Tax Conference, the UCLA Tax Controversy Institute, the Illinois Society of CPAs, the Florida Institute of CPAs, the Tennessee Society of CPAs and the California Tax Bar. He is also frequent speaker before other CPA and tax attorney conferences, meetings and discussion groups.
Non-Member Price $119
Member Price $89