The Foreign Account Tax Compliance Act (FATCA) continues to challenge tax advisers and compliance professionals. As information-sharing agreements between the U.S. and foreign governments increase, the IRS has modified the FATCA reporting regime. Tax advisers must stay current with filing requirements and the latest foreign asset information reporting developments to avoid steep penalties.

Form 8938 requires taxpayers to disclose ownership interests in specified offshore assets or risk monetary penalties or prosecution. The full-scale implementation of the foreign financial institution reporting regime imposed by FATCA gives the IRS even more information to reconcile taxpayer filings, increasing the Service’s ability to track foreign asset holdings and detect noncompliance.

Our panel will provide tax advisers with a practical guide to FATCA reporting for taxpayers holding foreign assets. The panel will define reportable specified foreign assets, discuss valuation issues, and offer thorough instruction on completing Form 8938, Statement of Specified Foreign Assets. The webinar will explain the latest changes to Form 8938 and review IRS guidance for reporting requirements.

·    Who must file Form 8938

·    What to report on Form 8938

·    Final regulations that apply reporting requirements to specified domestic entities

·    The overlap of FATCA reporting with foreign bank account reporting

After our presentations, we will engage in a live question and answer session with participants so we can answer your questions about these important issues directly.

For more information or to register: Click here

Or call 1-800-926-7926

Ask for FATCA Reporting: Filing Form 8938 on 9/15/2021

Mention code: ZDFCA