Description:

This book is for preparing 2023 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 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 preparers master which clients must file the FBAR, how to file the FBAR, penalties and remedies for failures to file. In addition, knowing when to file Form 8938, Statement of Foreign Financial Assets, instead of, or in addition to, the FBAR, will be reviewed. Recent court cases with FBAR penalties will be analyzed to understand how steep the non-willful penalties can be.

• 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)

Product Details:

Item Number: 23358

Level: Basic

Authors: NATP Staff

Published: 2023

Format: Print - 56 pages

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Corresponding CPE Courses:

Get the e-book FREE when you purchase the corresponding 2023 course.