International Tax & Asset Reporting for the Small Tax Practitioner (Currently Unavailable)

Author: Jason Freeman

CPE Credit:  2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC

Learn about international tax and asset-reporting forms and issues that affect many “everyday” clients of small practitioners. Participants will gain an understanding of the hot issues that the IRS is focused on, and learn to identify foreign-asset reporting issues. Participants will also learn about the fundamental forms and schedules that are necessary to keep clients—both businesses and individuals—compliant in an age where social ties and business interests are increasingly taking on global dimensions.

Publication Date: November 2016

Designed For
Tax Professionals, CPAs, Enrolled Agents, Tax Return Preparers, Business Professionals.

Topics Covered

  • International tax and asset-reporting forms
  • Issues that affect many "everyday" clients of small practitioners
  • Hot issues the IRS focuses on
  • Foreign-asset reporting issues
  • Fundamental forms and schedules to keep clients

Learning Objectives

  • Recognize an overview of IRS and Treasury reporting requirements for clients with international assets and interests
  • Identify when foreign assets are required to be reported
  • Differentiate between international reporting forms such as the Form 8938 and FBAR
  • Identify the general reporting requirements for interests in foreign corporations, partnerships and trusts
  • Differentiate potential pitfalls of the tax treaty tie-breaker provision with regards to reporting foreign financial assets in the US
  • Recognize FBAR filing obligations
  • Identify when a taxpayer is required to file Form 5471
  • Describe the similarities in failure to file consequences for Form 8938, 5471, & 926
  • Recognize when clients are subject to U.S. income tax
  • Identify when Form 8621 applies and must be filed

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None

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