Foreign Asset Information Reporting Requirements: Filing Thresholds, Reconciling Forms, Entity Classifications
Fundamentals of Offshore Ownership Disclosures: FATCA, FBAR, Business Holdings on Forms 5471 and 8858
Note: CLE credit is not offered on this program
Recording of a 110-minute CPE webinar with Q&A
This course will provide tax advisers and compliance professionals with a sound foundation for individual taxpayers' complex foreign asset information reporting requirements. The webinar will identify specific classes of offshore ownership interests that require tax reporting when held by individuals subject to U.S. tax jurisdiction, detail the reporting forms specific to asset types, and discuss the intersection of tax reporting and anti-money laundering.
Outline
- Overview of U.S. information reporting requirements for offshore assets and activities
- FBAR and FinCen structure
- U.S. information-sharing structures with other countries
- Tax avoidance prevention
- Required disclosures for cash assets and overlap in reporting
- FBAR
- FATCA Form 8938
- Different reporting thresholds
- Reconciling entity classification for U.S. tax purposes
- Forms used for reporting interests in foreign businesses
- Corporate ownership: Form 5471
- Asset transfers to a foreign business entity: Form 926
- PFIC: Form 8621
- Foreign partnerships: Form 8865
- Disregarded entities: Form 8858
- Required disclosures of trust interests: Forms 3520, 3520-A
- New proposed foreign regulations
Benefits
The panel will discuss these and other relevant topics:
- How U.S. foreign tax reporting is structured for both inbound and outbound activities
- Types of information filings and how they intersect with one another and with income filings
- Coordination between the U.S. and other countries in identifying assets
- Thresholds for filing requirements
Faculty
C. Edward (Ed) Kennedy, Jr., CPA, JD
Managing Director
C Edward Kennedy Jr
Mr. Kennedy has more than 42 years of experience dealing with a variety of international tax matters, specializing... | Read More
Mr. Kennedy has more than 42 years of experience dealing with a variety of international tax matters, specializing in tax consulting services to a wide variety of clients ranging from closely held companies to multi-national businesses. His expertise includes domestic and foreign income and social security tax planning, tax compliance for individuals and corporations, tax treatment of incentive compensation plans, international assignment program administration, and international assignment policy design. Mr. Kennedy has also served as the U.S. practice leader for international social security matters for a Big 4 accounting firm. He is a frequent speaker in the areas of international tax compliance and reporting obligations U.S. information reporting requirements for foreign assets and foreign entities, U.S. tax implications of foreign pension and social security plans, and U.S. income and social tax treaty planning. Mr. Kennedy is a member of the Texas Bar and is licensed as a certified accountant in Georgia and Texas. He has a B.A. from Furman University and a J.D. from Vanderbilt University School of Law.
Close
Mishkin Santa, JD, LLM, TEP
Principal, Director of International Tax
The Wolf Group
Mr. Santa focuses his practice on repatriation tax, as well as individual income tax compliance, estate, gift &... | Read More
Mr. Santa focuses his practice on repatriation tax, as well as individual income tax compliance, estate, gift & trust tax compliance, FBAR Assistance, foreign trust tax compliance, exit tax planning, EB-5 investor program, international assignment structuring and planning, offshore voluntary disclosure programs, foreign corporation (Subpart F, Transfer Pricing, E&P Studies), and asset protection planning. His client base includes U.S. citizens living overseas, U.S. nonresidents, EB-5 investors, U.S. domestic individuals and families, international businesses, international based families with investments in multiple jurisdictions and tax residency in multiple jurisdictions, U.S. citizens or residents who are beneficiaries of foreign trusts and who will receive gifts or inheritances from non-US persons, and trustees of trusts with U.S. grantors or U.S. beneficiaries.
