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FBAR (Foreign Financial Accounts)

Duration: 100 minutes
Course Level: Advanced
Prerequisite: Intermediate level knowledge of investment income
Advanced Preparation: None
Delivery Method: Self-Study 
 
CPE Credits Designation Field of Study
IRS * 2 EA Federal Tax Law Topic
NASBA 0 CPA N/A
CTEC 2 CRTP Federal Tax Law Topic
CFP Board 2 CFP® Income Tax Planning

* NATP will report CPE credits to the IRS for all PTIN holders. CPE is currently not mandatory for RTRPs or RTRP candidates and any option to register or participate in this program is strictly voluntary.

Fees: $49 for Members and $60 for Nonmembers
 
Summary
Clients with foreign financial accounts may have been a rarity in the past, but today it is a likelihood that you are increasingly encountering foreign financial accounts. Unreported foreign financial information has contributed a great deal to the tax gap, and the IRS is stepping up its efforts to get a handle on foreign income subject to U.S. income tax. The penalty is steep for failing to report this information to the IRS so be sure you’re exercising your due diligence in determining if your client has a reporting requirement. This is a hot topic you can’t afford to miss!

Objectives
Upon completion of this on-demand webinar, you will be able to:

  • Identify what types of holdings qualify as foreign financial accounts or interests
  • Determine if a taxpayer has an “FBAR” filing requirement
  • Complete Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts
  • Determine the deadline for filing Form TD F 90-22.1, and relief provisions for failing to do so

Presenter: Steven (Steve) O'Rourke, EA

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