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Скачать презентацию A Brave New World for U S Taxpayers
Скачать презентацию A Brave New World for U S Taxpayers
A Brave New World for U. S. Taxpayers with Foreign Assets: The New and Enhanced FBAR and FATCA Reporting Requirements
Matthew D. Lee
Learning Objectives
The IRS Crackdown on Offshore Tax Evasion
May 28, 2014 DOJ Press Release
Enforcement Efforts to Date
Enforcement Efforts To Date (continued)
Credit Suisse Guilty Plea May 19, 2014
What’s Next After Credit Suisse?
Foreign Bank Accounting Reporting
Foreign Bank Account Reporting Form 1040, Schedule B
Foreign Bank Account Reporting Form 1065
Foreign Bank Account Reporting Form 706
Foreign Bank Account Reporting Form 990
Fin. CEN 114 (FBAR)
Fin. CEN 114 (FBAR) (continued)
Fin. CEN 114
Fin. CEN 114
Fin. CEN 114
Fin. CEN 114
Who is Required to File an FBAR?
Who is a “U. S. Person”?
What is a Reportable Financial Account?
What is a “Financial Interest”?
What is a “Financial Interest”? (continued)
What is “Signature Authority”?
FBAR Filing Exemptions
FBAR Filing Exemptions (continued)
FBAR Penalties for Non-Compliance
Increasing Rates of Foreign Bank Account Reporting
Circular 230 Obligations and FBAR
Circular 230 Obligations and FBAR
Review Questions for Self Study CPE:
Two Primary FATCA Requirements
FATCA History
FATCA Policy in Context of U. S. Tax Laws
What Does FATCA Require of FFIs?
International Coordination and Model Intergovernmental Agreements
FATCA Also Requires Reporting of Foreign Assets by U. S. Taxpayers
Overview of Section 6038 D
Section 6038 D Is Effective Now
Who Is Required to File Form 8938?
Who is a “Specified Individual”?
Form 8938 – Introduction
What is a “Specified Foreign Financial Asset”?
Form 8938 – Part I
What is a SFFA? (continued)
Form 8938 – Part II
Form 8938 – Part II (continued)
Determining Whether a “Specified Individual” Has An “Interest” in a SFFA
What are the Reporting Thresholds for Domestic Taxpayers?
What are the reporting thresholds for taxpayers living abroad?
Form 8938 Requires Disclosure of Tax Items Attributable to SFFAs
Form 8938 – Part III
Other Rules for Form 8938
No Duplicative Reporting Required
No Duplicative Reporting Required (continued)
Form 8938 – Part IV
Guidance for Valuing SFFAs
Penalties for Non-Filing of Form 8938
IRS Offshore Voluntary Disclosure Program
OVDP (continued)
OVDP Offshore Penalty: 27. 5 percent
OVDP Offshore Penalty: 5 percent FAQ 52
OVDP Offshore Penalty: 12. 5 percent
OVDP: “Opt Out” Option
OVDP: “Opt Out” Option (continued)
Risks of “Quiet Disclosure”
Streamlined Compliance Procedures for U. S. Taxpayers and Dual Citizens Residing Abroad
Streamlined Compliance Procedures: Details Announced August 31, 2012
Streamlined Compliance Procedures: Details Announced August 31, 2012
IRS Guidance for U. S. Citizens Residing Abroad
Review Questions for Self Study CPE:
Questions?
Thank you for participating in this webinar. Below is the link to the online survey and CPE quiz:
Скачать презентацию A Brave New World for U S Taxpayers
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