This book is for preparing 2022 taxes. As more U.S. taxpayers own foreign financial accounts, and remote worker global mobility increases, so does the likelihood they will have to disclose that account information to the Financial Crimes Enforcement Network (FinCEN) by filing FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). Tax professionals can assist these taxpayers by preparing and electronically filing FBARs on their behalf using the BSA E-filing System. This course will help tax professionals master which clients must file the FBAR, how to file the FBAR, penalties and remedies for failures to file, and knowing when the IRS Form 8938, Statement of Foreign Financial Assets should be filed instead of, or in addition to, the FBAR. Recent court cases with FBAR penalties will be analyzed and prove that one ounce of prevention is worth $1 million pounds of cure.
Table of Contents
- Identifying taxpayers who are required to file an FBAR
- Summarizing the FBAR filing requirements
- Listing the penalties for failure to file a complete and correct FBAR
- Analyzing the compliance options for filing delinquent FBARs
- Recognizing the differences between FATCA reporting (Form 8938) and FBAR (FinCEN Form 114)
Item Number: E22358
Authors: NATP Staff
Format: Electronic PDF - 52 Pages
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