|We are pleased to announce that Igor Drabkin will be speaking in an upcoming Strafford live webinar, “FATCA Reporting: Filing Form 8938 for Taxpayers With Foreign Assets, Integrating Latest IRS Guidance” scheduled for Wednesday, September 15, 1:00pm-2:50pm EDT. |
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.