Benjamin Eisenstat and Niles Elber Analyze FBAR and FATCA Reporting Requirements on Lorman Webinar

Learning Objectives

• You will be able to define the scope of U.S. taxpayers’ information reporting obligations with respect to offshore assets.
• You will be able to explain the differences between FATCA and the Common Reporting Standard.
• You will be able to describe the potential penalties U.S. taxpayers face for failing to comply with the reporting of their offshore assets.
• You will be able to discuss recent FBAR case decisions and the anticipated impact on related IRS enforcement efforts.

Overview and Learning Points

This FATCA training provides a general overview of the latest changes that have been made to FATCA and FBAR rules. Content is geared towards accounting and legal professionals, so you can answer questions such as:

• Who is required to file form 8938, Statement of Specified Foreign Financial Assets?
• What assets must be disclosed and what are the penalties for noncompliance?
• What is an FBAR form, how does it differ from an 8938 form, and what are the penalties for not filing one?

In addition, this topic covers important background information on FATCA reporting obligations for foreign banks, the current status of intergovernmental agreements, and their implications for American taxpayers with foreign accounts.

After completing our FATCA training online, accounting professionals can gain the background they need to advise clients with foreign holdings or U.S. taxpayers living and working abroad. Upon completion, you may receive a full or partial continuing education credit with your state’s bar association or public accountancy board. Please check the Credits tab for a state-by-state list of eligible programs.