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Voluntary Disclosure: Tax Consequences of Offshore Investments
D. Patrick Donahoe
Copyright© 2012

Course: 8122243   Version 1202

NASBA Category:     Taxes     CPE Credits 2
Level: Intermediate  (35 pages)
Prerequisite: Two years’ experience working in the tax department of a CPA firm (or equivalent experience).
Advance Preparation: None.
IRS Program Nbr: 0MYXB-T-00046-12-S





Course Description
The taxation of foreign source income is one of the most fascinating areas of the Internal Revenue Code. The US citizens who invest in foreign financial accounts are subjected to very complex compliance rules. This course provides an in-depth look at the IRS’s Voluntary Disclosure Program, allowing you to provide the best possible tax advice for your clients with foreign investments and bank accounts. In addition, this course also shows you how to:
  • Avoid the complications of PFIC status by making a qualified electing fund election.
  • Determine if your client has an excess distribution.
  • Apply the PFIC regime to your client’s foreign investments.
  • Make the mark-to-market election for marketable PFIC stock.
  • Comply with the FBAR rules.
Finally, a case study walks you through a voluntary disclosure scenario, giving you the tools you need to provide tax-savvy information to your clients.

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