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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.
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
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
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 and has presented courses be...