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Foreign Bank Accounts and Assets (MLC761U)
Event Information
Product format
Pre Recorded Webinar
Presenter(s)
Length
120 minutes
 
2 CPE
 
Event Description

How to Handle the Compliance Requirements of Foreign Bank Account and Assets

Many of your clients may have opened foreign bank accounts to avoid IRS scrutiny. Since 2008, IRS has begun an aggressive enforcement program aimed at those with offshore accounts. Taxpayers, foreign bankers and foreign banks have been prosecuted. Even those avoiding prosecution can face penalties that exceed the value of their offshore accounts. Contemporaneously, the IRS has offered various voluntary disclosure programs. The latest initiative was announced on June 18, 2014 and offers various methods for taxpayers to correct omitted returns and income for foreign financial assets.

This class with expert speaker Robert McKenzie will alert you to IRS enforcement efforts and the compliance requirements for foreign bank accounts and assets. You will learn the best ways to assist noncompliant taxpayers based upon their individual facts and circumstances. You will also understand the filing requirements for reporting offshore income and assets for foreign bank accounts, foreign trusts, foreign corporations and foreign partnerships. Additionally, during the class you will learn all the appropriate methods for correcting prior failures to file required returns.

Training Highlights:

  • Become aware of tax filing requirement of taxpayers with foreign accounts.
  • Learn the filing requirement of foreign trusts and their beneficiaries.
  • Knowledge of the IRS current procedures for correction of foreign issues.
  • Review forms of procedures.
  • List of foreign compliance resources.

NASBA & IRS Category of Study: Taxes

Level: Basic

Who Should Attend

This webinar will provide valuable assistance to all personnel in:

  • CPAs and Enrolled Agents
  • Finance and Accounting Professionals
  • Accounting and taxation firms
  • Law firms dealing with tax issues
  • Profit businesses involved in joint ventures with nonprofit organizations

Order Form

 
 
You can also order through:
Phone
(800) 223-8720
fax
1-800-508-2592
 
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About Our Speaker

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Robert E. McKenzie is a Partner of the law firm of Arnstein & Lehr LLP of Chicago, Illinois, concentrating his practice in representation before the Internal Revenue Service and state tax agencies. He has lectured extensively on the subject of tax representation. He has presented courses before ...More info

 
Disclaimer: The content herein do not represent any association between IRS and Eli Financial LLC. IRS neither endorses any product of Eli Financial LLC nor warrants accuracy of the content hereto.