IRS Oversight of Foreign Compliance: Audits and Reporting on Foreign Bank Accounts, Corporations, and Gifts from Overseas Individuals!

Audits and Reporting on Foreign Bank Accounts, Corporations, and Gifts from Overseas Individuals!

Navigating IRS foreign asset compliance can be complex and overwhelming. With increased IRS enforcement, taxpayers who hold foreign accounts, receive gifts from foreign persons, or have interests in foreign corporations and partnerships must understand their reporting obligations to avoid hefty penalties.

This webinar provides a detailed breakdown of foreign asset reporting requirements, including when taxpayers must disclose foreign holdings, the consequences of failing to report, and strategies for responding to IRS audits and enforcement actions.

Webinar Objectives

• Understand IRS requirements for reporting worldwide income, foreign accounts, and foreign entities.
• Learn the key differences between FBAR (FinCEN Form 114) and Form 8938 reporting.
• Identify taxable and reportable foreign assets, including foreign corporations, partnerships, and passive foreign investment companies (PFICs).
• Recognize penalties for noncompliance and how to mitigate risks.
• Explore the Offshore Voluntary Disclosure Initiative and Streamlined Filing Compliance procedures.
• Review Form 5471, Form 3520, and Form 3520-A reporting obligations.
• Gain insights into handling IRS audits and enforcement actions related to foreign assets.

Webinar Highlights

• When and how to file FinCEN Form 114 (FBAR)
• Key differences between Form 8938, FBAR, and other foreign asset reports
• IRS enforcement actions & how to avoid costly penalties
• Understanding foreign trusts, corporations, and passive foreign investments
• How to correct past mistakes through disclosure programs.

Who Should Attend

Accountants, tax preparers, CFOs, financial compliance professionals, and lawyers

Credit(s)

IRS CPE Credits: 1 Tax hour