2016 Foreign Income and Asset Reporting

What Happens if a U.S. Person Works (or Owns Assets) Abroad or Foreigner Works in U.S.?

The Every Day Main Street Practitioner Cannot Not Know

Written and Instructed by Bradley Burnett, J.D., LL.M. (Taxation)

IRS Practice Update. Join us for a fresh, built-from-scratch look at current developments in IRS Practice. Practical insights as to how to best represent clients and approach IRS matters will be thoughtfully presented. The author/presenter brings 34 years of IRS practice experience to the table to bring you a meaningful, current look at how best to operate.

FBAR and Foreign Asset Reporting Update. IRS and Treasury are on the warpath to flesh out foreign bank accounts and other foreign financial assets. The unsuspecting and “less than candid” are sitting ducks. Tax practitioners without intelligent, well documented protocol and the discipline to follow it are directly in the line of fire. Malpractice insurance carriers are fussy about exactly how their insured tax practitioners must approach things “or else”. This course focuses on exactly what must be done to keep you from getting your head handed to you on a platter.

Highlights:

• What is new in IRS Practice? Quite a bit actually. For starters, penalties are growing at a geometric pace. What IRS expects of us is a moving target. What to do about it?
• Cyber security continues to be a huge concern. This course brings a meaningful “how to stay out of trouble” with tax technology update
• The tax compliance IRS expects from Disregarded Entities may shock you
• Your client made money (or has an investment in) a foreign country. How do you handle it? How do the foreign tax credit, foreign earned income exclusion and housing allowance work?
• Who is a citizen or resident triggering filing and reporting requirements?
• FBAR reporting on FinCen 114: Scope of assets (broader than just bank accounts) reported, timing and consequences of failure to comply
• Practitioner protocol to properly comply with 1040 Schedule B, efile requirements, including FinCen 114a, and prudent engagement letter, tax organizer and malpractice insurance practices
• Protections to invoke for late FBAR filing for the unsuspecting and “less than candid”: Offshore Voluntary Disclosure Program (OVDP), so-called “quiet disclosure” and other choices
• FATCA (Form 8938) reporting of foreign financial assets and consequences of noncompliance
• Reporting on Form 5471 (for U.S. citizens and residents who are officers, directors or shareholders in certain foreign corporations),