Reporting Foreign Assets and Accounts (Fourth Edition)

Authored by Sidney Kess and Barbara Weltman
About this Course
The focus of this course is on reporting foreign assets and accounts as required by the Treasury and the IRS. There are many reasons for having money or property abroad. For example, some U.S. citizens and residents work overseas; many immigrants retain assets in their former homelands; taxpayers may have inherited property from relatives abroad. Whatever the reason, there are certain annual reporting requirements that may apply. The rules are confusing but the failure to comply can be very costly. Upon completing this course, you should be able to: Describe the Report of Foreign Bank and Financial Accounts (FBAR) for certain foreign bank accounts; determine whether it is desirable to participate in OVDP or use other delinquent filing options; and distinguish between FBAR and Foreign Account Tax Compliance Act (FATCA).
$ 25.00
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NASBA Field of Study
Taxes
Level
Basic
CPE Credits
2.0
Prerequisites
None
Last Updated
03/29/2016
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