When it comes to disclosing foreign financial accounts, many U.S. taxpayers—especially expats and those with global investments—face confusion around FBAR (FinCEN Form 114) and Form 8938 (FATCA). While both forms deal with foreign financial assets, they serve different purposes, have distinct thresholds, and are submitted to different agencies. Understanding the key differences between FBAR vs. Form 8938 is critical to staying compliant with the IRS and the FinCEN.

The session examined the new compliance challenges (OBBB Impact) and key considerations for impacted businesses, including the reporting requirements, exemptions, and the distinctions between foreign accounts and foreign assets. Become familiar with reporting thresholds; beware of the harsh consequences for non-compliance. But there’s more: Forms 3520, 5471, 8621, 8865 and 8891. Forms 926, 5472, 8300 and 8854. Find out what the wrath of FATCA has wrought

Session Highlights:

  • Step-by-step instructions on how to file the FBAR online
  • Understand Common FBAR mistakes to avoid penalties
  • How does the IRS learn about foreign income?
  • Key differences between FBAR and FATCA (Form 8938)
  • Failing to comply with FBAR filing requirements can lead to severe penalties.
  • Form 8938 vs. FBAR Assets: Which Financial Accounts Are Reportable on Each Form?
  • Recordkeeping requirements
  • FBAR deadlines and extensions
  • Types of foreign accounts and assets that must be reported
  • Filing exceptions and exemptions
  • Streamlined filing procedures for late compliance
  • Develop strategies for compliance and avoiding IRS enforcement

Credits and Other information :

  • IRS CPE Credits: 2.0 TAX
  • Location: Virtual/Online
  • Delivery method: Group Internet Based
  • IRS Course ID: DFFSC
  • Attendance Requirement: Yes
  • Case Studies and Live Q&A session with speaker

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