FATCA Final Regulations For Individual Taxpayers: Form 8938 Reporting On Foreign Financial Assets
|Date / Time:
Since 2011 tax professionals have suggested changes and sought clarifications to the rules governing reporting interests in foreign financial assets. In Dec. 2014, the IRS responded to many of these suggested changes and clarifications in its final regulations.
Changes and clarifications to the 2011 temporary regs impact dual resident taxpayers, nonvested interests in property, nonvested property under IRC §83 and assets held by disregarded entities, jointly-owned assets, the definition of retirement, pension and non-retirement savings for reporting purposes, the rule relating to financial assets issued by a person organized under U.S. law, assets with no positive value, and valuation rules related to foreign currency.
The new regulations also create filing exceptions for filers of Forms 5471 and 8865.Listen as our panel discusses these changes and how they impact the filing of Form 8938 for 2014 and beyond. In addition, our panel will highlight areas in which the IRS chose not to make changes or provide clarifications and the rationale behind the IRS’ decisions.
- Changes, modifications and clarifications related to reporting interests in foreign financial assets
- Preparation of Form 8938, Statement of Specified Foreign Assets
- Exceptions to filing Form 8938 and relationship among Forms 8938, 5471, 8865, 8833, FBAR, 1040 and 1040NR
The panel will review these and other key issues:
This is an encore presentation featuring live Q&A.
- The overlap of FATCA reporting and FBAR
- Potential new regulations governing the treatment of virtual currency
- Proposed regulations to apply reporting requirements to specified domestic entities
After completing this course, you will be able to apply the IRS final regulations for individual taxpayers who report interests in foreign financial assets to the IRS in preparing Form 8938, Statement of Specified Foreign Assets, which individuals file with their Forms 1040 or 1040NR. Additionally you will understand the exceptions to filing Form 8938 and the relationship among Forms 8938, 5471, 8865, 8833, FBAR, 1040 and 1040NR.
Matthew D. Lee, Partner
Blank Rome, Philadelphia
Mr. Lee is a former U.S. Department of Justice trial attorney who concentrates his practice on all aspects of white collar criminal defense, federal tax controversies, financial institution regulatory compliance, and complex civil litigation. He has significant experience in conducting corporate internal investigations and advising banks and financial institutions as to compliance issues involving FATCA, the Bank Secrecy Act, the USA Patriot Act, anti-money laundering laws and regulations, and economic sanctions. He also represents financial institutions in enforcement proceedings brought by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN).
Jeffrey M. Rosenfeld, Atty
Blank Rome, Philadelphia
Mr. Rosenfeld concentrates his practice in the area of business tax law. He counsels public and private corporations, partnerships, and individuals in a broad array of tax matters including domestic and international tax matters, state and local tax planning, and issuances of equity-based compensation. He counsels corporate clients and individuals regarding undeclared foreign bank accounts, including “FBAR” reporting obligations, and has represented numerous clients in the Internal Revenue Service’s Offshore Voluntary Disclosure Program. He is a frequent contributor to Blank Rome’s Tax Controversy Watch blog (www.taxcontroversywatch.com) which focuses on addressing and providing a comprehensive review of the latest developments in the tax controversy field.
Continuing Education Credits Available
This program has been approved for 2.0 CPE hours through Strafford Publications. CPE Credit is available only for the LIVE webcast. Recorded versions do not qualify for credit.
Strafford is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit.
To obtain CPE credit, attendees must participate in the live event, return an Official Record of Attendance to Strafford affirming their participation (including the CPE code announced during the program), and pay a processing fee of $35 per person.
Strafford will mail a certificate of credit within approximately 2 weeks of receiving an attendee's completed Official Record of Attendance—provided all required conditions have been satisfied.
Handout materials and the phone number for live presentations are made available to you 1 day prior to the event via email from the presenter. Copies of the presentations are included with recorded versions.
If you order a recorded version of the webinar, CDs will be mailed out approximately 10 days after the live event. Shipping is included in the price of recorded versions.
Cannot Attend The Live Presentation?
This presentation is also available in a recorded format, in On-Demand Or CD versions, as shown in the pricing options below.
|About Webcasts / Audio Conferences / Podcasts:|
Webcasts, audio conferences, and podcasts are presentations that you
attend via the Internet, phone, or mobile device at a specified date and time for "live" versions, or at your convenience for "recorded" and "On-Demand" versions.
versions are interactive, meaning that participants can ask questions in real time, plus are a very cost-effective form of training because 1) you receive fast, convenient learning without
any out-of-office time; 2) you can invite as many colleagues as you'd like to listen in on a single phone line; 3) you incur no travel expenses; and 4) you and your colleagues are back
at work immediately after the session ends!
And though with recorded versions you do lose the ability to ask questions, you gain the ability to hear the presentation numerous
times and to share it with others in your office.
Handout materials and the phone number for live presentations are made available to you prior to the event via email from the
presenter and from the "MyAccount" link on the menu bar. Copies of the presentations are included with recorded versions.
|Licenses / Designations / Educational Credits:||CPE|
All US States: 2
|About The Provider:
||Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417 or by visiting their website.
Strafford webinars and teleconferences offer an excellent opportunity to train your entire staff—with no lost travel time or expenses. They are extremely cost-effective—allowing an unlimited number of people at your location to listen from a single line at no additional charge.
Each live seminar features presentations by a panel of nationally recognized authorities, followed by an interactive Q&A session. Presentation materials can be viewed online or printed out. Audio can be accessed via the web or a telephone.
||Contact Us For More Information
||Share on Facebook
Share on Twitter
Share on Google+
FMLA Training &Certification Program
ADA Training &Certification Program
COBRA Training &Certification Program
Texas All-Lines Adjuster Pre-Licensing ONLINE Course
Xactimate Training-Live Online Training
Surplus Lines Online Exam Prep Course
Associate in Premium Auditing (APA)
Associate in General Insurance (AINS)
Earn Your CFP
Cafeteria Plan Training &Certification Program
Business Writing for Results