IRS Offshore Voluntary Disclosure Program, FATCA and the Streamlined Filing Compliance Procedures
The objective of this course is to advise practitioners and taxpayers of new IRS’ rules and regulations governing the report and the taxation of income from foreign bank accounts and foreign assets; and the penalties and relief provisions resulting from the holding of unreported foreign assets and foreign bank accounts by United States taxpayers.
Topics to be covered in this course will be:
- The Offshore Voluntary Disclosure Program providing Amnesty and tax relief for taxpayers who have not filed U.S. information or tax returns reporting foreign holdings or income;
- The Streamlined Disclosure Procedure applicable to individuals who have not been willful in their failure to file United States tax and information returns on foreign assets;
- Forms required to report foreign bank accounts of U.S. taxpayers;
- Forms required to report foreign assets of U.S. Taxpayers;
- Penalties that apply to unreported foreign assets and foreign bank accounts;
- The reporting of interests held on numerous United States tax “information returns” and forms that must be filed on foreign holdings. This will include forms for reporting foreign corporations owned by United States individuals, forms for filing gifts received from foreign donors, penalties applicable for the failure to file tax information returns and taxable income from foreign sources.
- Understanding of the term “willfulness” as applied to the United States tax laws;
- A review of all forms and certifications that must be filed to comply with United States “FACTA” laws;
- Advice for United States residents who have failed to file tax returns on foreign holding;
- Advise for United States taxpayers not living in the United States on forms to file for compliance with all Untied States tax laws
Table of Contents
There is no CPE credit at this time.