IRS Approved CPE Courses
1 hour
Certificate CTEC IRS NASBA

Off Shore Compliance - FBAR, FATCA and OVD

The United States taxes its people on the basis of its citizenship as opposed to residence based taxation which is the system in place in the rest of the civilized world. From this arises all the issues with withholding, foreign tax credits, tax treaties, international information gathering. The goal of FATCA , enacted five years ago, is to establish a virtual international, financial and banking data base of both US persons, as well as FATCA partners, which can be accessed at will by the US and its FATCA partners. FATCA requires every bank in the world whose business involves, even indirectly, the movement of U.S. source income, to register electronically with either the IRS itself or its own government which has already agreed to turn over to the IRS, report the names of all their depositors which show some signs of being American.

Topics Covered:

  • How FATCA works
  • IRS filing requirements
  • Avoiding withholding requirements
  • Non-financial foreign entities
  • Bank Secrecy Act — not part of Internal Revenue Code
  • Overview of new IRS Manual provisions
  • Foreign bank reporting
  • Introduction to FBAR
  • Who is a US person
  • Determining values of accounts
  • Signature authority
  • Filing exceptions
  • Penalties
  • Options available for non-disclosed foreign assets by US taxpayers

Learning Objectives:

  • Understand IRS Offshore compliance techniques
  • Provide clients with improved representation
  • Avoid or appeal IRS pennaltiew
  • Reduce chances of IRS malpractice claims by clients

Delivery Method: Self Study
Field of Study: Other Federal Tax
Prerequisites: None
Advance preparation: None
Program Level: Basic
Expiration: In accordance with NASBA standards, access to this course will terminate one year from the date of purchase. Incomplete courses will no longer be accessible beyond the one year deadline.