Michael Sardar presented "Reporting Clients' Foreign Activities: Avoiding Serious Potential Tax Pitfalls" at the CPA Academy Webinar

In today’s increasingly connected world, many taxpayers are finding themselves in trouble because they maintain financial connections to a foreign country. 

In this session Michael guided those in attendance against serious potential tax pitfalls, helping attendees understand the reporting and compliance issues taxpayers face when dealing with foreign assets, and understanding the filing requirements for taxpayers who maintain foreign assets. 

This session covered the filing and compliance requirements related to FATCA, IRS Form 8938, FBAR Reporting (Form Fin-CEN 114), and other information returns.

Learning Objectives Included:

  • How to properly report foreign assets and related transactions.

  • The FBAR Form (FinCEN 114) and how to get it right.

  • Penalties and other consequences of failing to report foreign assets.

  • Statute of Limitations considerations when a taxpayer fails to report foreign assets.

  • FBAR, Form 5471, FATCA, Form 8938, Form 3520/3520-A.