Beyond the Basics of FATCA: Foreign Retirement Account Reporting


Dec 11,2020

PRESENTER(s): Monica Haven

1:00 PM ET | 12:00 PM CT | 10:00 AM PT | 120 Minutes
  • Webinar Instruction will be emailed on your registered email address 3 days prior to webinar
  •  | 
  • Web Download / e-Transcript will be shared in 7 working days from the date of webinar

This program has been approved IRS CPE Credit 2(Taxes)

US citizens living and working abroad face a myriad of onerous reporting requirements for foreign bank accounts and assets.  The US Treasury has engaged in much-publicized enforcement activity which has compelled taxpayers to become compliant with their FinCEN 114 and Form 8938 filing obligations.  But it may well be too soon to rest easy if our clients are invested in passive foreign investment companies (PFICs) such as foreign money market accounts [yikes!], mutual funds, hedge funds, insurance products and [oh my!] pension and retirement accounts since these generally do not enjoy the same tax benefits of their American counter-parts.  This class will unveil the complexity of the mandated reporting regime for PFICs (Form 8621) and for those investments deemed to be foreign “trusts” (Form 3520).

Learning Objectives:
Upon completion of this course, you will be able to:

  • Distinguish between foreign bank account, foreign asset and foreign retirement account reporting
  • Understand that certain investment accounts held abroad may be deemed to be passive investment companies and/or trusts subject to additional disclosures
  • Recognize that the income tax treatment of foreign retirement accounts differs significantly from the treatment of "qualified" accounts held in the U.S.
  • Properly complete forms mandated under the FATCA reporting regime
  • Appreciate the gravity and high cost of non-compliance
  • .

Credits and Other information:

  • Session Duration: 2 Hours
    • Case Studies and Live Q&A session with speaker
    • PowerPoint presentation for reference
  • Session learning level: Introductory
  • Delivery method: Group Internet Based
  • IRS Credits: 2 Tax Hours
  • IRS Course ID: PJGWS

Who Will Benefit:

  • CPA's
  • Tax Attorneys
  • Accountants
  • Tax Compliance Managers
  • Other Tax Professionals

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