FATCA 6038D - Year End Planning & Tax Compliance Issues IRS Form 8938, FBAR & Voluntary Disclosure
ABA Section of International Law International Tax Committee Teleconference
Offshore Tax Compliance Chair Kevin Packman will speak at the ABA Section of International Law International Tax Committee Teleconference titled "FATCA 6038D - Year End Planning & Tax Compliance Issues IRS Form 8938, FBAR & Voluntary Disclosure."
Be Informed - New regulations expand 2012 U.S. reporting on Form 8938. Form 8938, Statement of Specified Foreign Financial Assets, required to be filed with 2012 income tax return - in addition to FBAR, Form TDF 90-22.1, Report of Foreign Bank and Financial Accounts.
Be Advised - individual and corporate reporting responsibilities over Foreign financial accounts.
- Who is required to file?
- What, when & how to report?
- What are the valuation issues?
- Duplicate reporting? Which is required & when - Form 8938, FBAR or both?
Be Savvy - Impact on Foreign branch operations, subsidiaries & foreign pension and deferred compensation plans.
- failure to file penalty -$10,000 and up to an additional $50,000 for continuing failure to file.
- criminal penalties -extended Statute of Limitations -tax year may remain open until three years after date Form 8938 is filed.
Be Prepared - to interpret & apply these to your clients' fact patterns. Learn what to advise your clients to protect them from Draconian penalties. Learn what you need to do today to prepare your clients for 2012 year end U.S. compliance measures and prior non-compliance.