2022 Foreign Assets: Filing Requirements and Penalty Relief

Icon_Webcast
Webcast
Icon_Level
Basic
Credits
CPE Credits
1 Credits: Taxes

Course Description

The Internal Revenue Code require taxpayers with foreign assets and business interests to report such assets and the attributable income. If a taxpayer fails to report such assets and income, they may face large punitive penalties. Many of these penalties can be reduced or abated by a knowledgeable, skilled practitioner. In this course, Adam Fayne covers the most common foreign compliance penalties. You will learn details about the IRS tax code that can substantially reduce many foreign tax penalties asserted by the IRS against your clients.

Learning Objectives

Upon completing this course, participants will be able to:

  • Identify the specific components of the Foreign Bank Account penalties.
  • Identify the specific components of the Form 5471, Form 8938, and other foreign compliance penalties.
  • Identify the specific requirements of the various reasonable cause assertions.
  • Understand the delinquent compliance programs offered by the IRS to reduce these penalties, e.g. Streamlined Foreign Compliance Program.

Course Specifics

Course ID
WC1822291367
Revision Date
July 22, 2022
Prerequisites

None

Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-02048-22-O
IRS Federal Tax Law Credits: 1
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1784
CTEC Federal Tax Law Credits: 1

CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registeration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board.

Course Instructor

Adam Fayne, Attorney

Adam Fayne assists companies and individuals, nationally and internationally, on corporate and tax issues. As a corporate attorney, Adam routinely advises management or in-house general counsel on various legal matters affecting their day-to-day corporate activities. His experience includes handling matters involving mergers and acquisitions, employment, compliance, litigation, personal injury, vendor contract review and negotiations, employment benefits, financing, real estate and many other issues. Adam is also a tax attorney who helps businesses and individuals with tax controversies before the Internal Revenue Service (IRS) and tax planning both domestically and internationally. He also handles a variety of white collar criminal matters, both …

Adam Fayne, Attorney Read More »

2022 Foreign Assets: Filing Requirements and Penalty Relief

Expert Instructors
CPE CREDITS
1 Credits: Taxes

$49.00


Webcasts are available for viewing Monday - Saturday, 8am - 8pm ET.
This webcast is 1 hours in length so you must start it before 07:00 pm ET.
Start within 5 hour(s) and 17 minutes to watch today.

Icon_Webcast
Webcast
Icon_Level
Basic
Credits
CPE Credits
1 Credits: Taxes

Course Description

The Internal Revenue Code require taxpayers with foreign assets and business interests to report such assets and the attributable income. If a taxpayer fails to report such assets and income, they may face large punitive penalties. Many of these penalties can be reduced or abated by a knowledgeable, skilled practitioner. In this course, Adam Fayne covers the most common foreign compliance penalties. You will learn details about the IRS tax code that can substantially reduce many foreign tax penalties asserted by the IRS against your clients.

Learning Objectives

Upon completing this course, participants will be able to:

  • Identify the specific components of the Foreign Bank Account penalties.
  • Identify the specific components of the Form 5471, Form 8938, and other foreign compliance penalties.
  • Identify the specific requirements of the various reasonable cause assertions.
  • Understand the delinquent compliance programs offered by the IRS to reduce these penalties, e.g. Streamlined Foreign Compliance Program.

Course Specifics

Course ID
WC1822291367
Revision Date
July 22, 2022
Prerequisites

None

Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220
IRS Provider Number: 0MYXB
IRS Course Number: 0MYXB-T-02048-22-O
IRS Federal Tax Law Credits: 1
CTEC Provider Number: 2071
CTEC Course Number: 2071-CE-1784
CTEC Federal Tax Law Credits: 1

CFP Notice: Not all courses that qualify for CFP® credit are registered by Western CPE. If a course does not have a CFP registeration number in the compliance section, the continuing education will need to be individually reported with the CFP Board. For more information on the reporting process, required documentation, processing fee, etc., contact the CFP Board.

Course Instructor

Adam Fayne, Attorney

Adam Fayne assists companies and individuals, nationally and internationally, on corporate and tax issues. As a corporate attorney, Adam routinely advises management or in-house general counsel on various legal matters affecting their day-to-day corporate activities. His experience includes handling matters involving mergers and acquisitions, employment, compliance, litigation, personal injury, vendor contract review and negotiations, employment benefits, financing, real estate and many other issues. Adam is also a tax attorney who helps businesses and individuals with tax controversies before the Internal Revenue Service (IRS) and tax planning both domestically and internationally. He also handles a variety of white collar criminal matters, both …

Adam Fayne, Attorney Read More »

2022 Foreign Assets: Filing Requirements and Penalty Relief

Expert Instructors
CPE CREDITS
1 Credits: Taxes

Webcasts are available for viewing Monday - Saturday, 8am - 8pm ET.
This webcast is 1 hours in length so you must start it before 07:00 pm ET.
Start within 5 hour(s) and 17 minutes to watch today.

$49.00