This course examines the reporting requirements for foreign assets and financial interests imposed by the Foreign Account Tax Compliance Act (FATCA) and the FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), and discusses how certain taxpayers may decide to use the Offshore Voluntary Disclosure Program (OVDP) developed by the IRS. Upon completion of this course, you will be able to: Recognize the differences between the FBAR and FATCA reporting requirements; Recognize the civil and criminal penalties associated with noncompliance with the FATCA and FBAR requirements; Identify how the OVDP may be used; Recognize the differences between the 2014 OVDP and the Streamlined Compliance Process; Identify the Action Plan items of the Organisation for Economic Cooperation and Development's BEPS project