Gain a clear explanation of what financial accounts need to be disclosed and how properly to do so.
U.S. citizens and American companies are relocating overseas to work remotely in record numbers. However, many are unaware of their requirements to report worldwide income and disclose financial accounts. As a result, they unknowingly expose themselves to harsh penalties and potential criminal charges. This material provides clear and concise explanations of what financial accounts need to be disclosed and how properly to do so. This material will also explain what protective steps need to be taken if required reporting has not been done. Related situations in which taxpayers are often unaware of additional filing requirements will be discussed. This information is critical for everyone with activities outside the U.S., especially as the Internal Revenue Service continues to step up efforts to identify and prosecute money laundering and tax evasion worldwide.
Learning Objectives
- You will be able to identify filing requirements.
- You will be able to recognize FBAR characteristics
- You will be able to identify FACTA characteristics
- You will be able to identify penalties for reporting deficiencies
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Foreign Bank Account Report (FBAR)
- Requirements
- Exceptions and Miscellaneous
- Filing Walkthrough
FATCA Reporting
- Requirements
- Exceptions and Miscellaneous
- Filing Walkthrough
Compliance Issues
- Penalties
- Remedies to Cure Non-Reporting and Errors
- Information Sharing Mechanisms
Additional Considerations
- Other Reporting Considerations
- Recent Developments
Questions and Answers
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last reviewed on November 15, 2023.
Call 1-866-352-9540 for further credit information.
- AR CLE 1.5
- This course has been approved for 1.5 hours of CLE by the Arkansas CLE Board.
- Arizona CLE 1.5
- The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.5 hours toward your annual CLE requirement for the State Bar of Arizona.
- CA MCLE 1.5
- Lorman Business Center, LLC. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
- NH MCLE 1.7
- NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this Ondemand course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 99 Minutes.
- RI CLE 2.0
- This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 2.0 hours of CLE credit.
- VT CLE 1.5
- This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.5 hour(s) of CLE credit. Please note: Attorneys may only claim 12 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
CPE/NASBA - QAS Self Study 2.8 including Taxes 2.8
- Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study 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 submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.8 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 2.8 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Allen Pfeister, CPA, MBA, CIA, CMA, CFM
Tax Uncomplicated, LLC
- Solo CPA practitioner offering assistance with international tax planning, tax return preparation, and audit assistance with a focus on Americans living abroad
- Served as an internal auditor for ten years with progressively increasing responsibilities, including establishing an internal audit department from the ground up
- Developed and taught all classes for the Certified Public Account Preparation bachelor’s degree program at Southern New Hampshire University’s South Korea campus
- Lifetime member of the Institute of Internal Auditors
- Certified Public Accountant, Certified Management Accountant, Certified Internal Auditor, and Certified Financial Manager
- M.B.A. degree with a specialization in Dr. Philip Harmelink’s taxation program, University of New Orleans; bachelor’s degree in finance and accounting; completion of Dr. Glenn Sumner’s Internal Audit program, Louisiana State University
- Can be contacted at [email protected] or 225-999-5032
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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