IRS Foreign Compliance and Related Audits – How to Comply With IRS Requirements if You Have Foreign Assets and/or Income

This session, led by tax attorney Adam S. Fayne, will provide a comprehensive overview of compliance obligations related to foreign assets—including, but not limited to, foreign bank accounts, foreign corporations, foreign gifts and estates, and foreign partnerships. The session will address when taxpayers are required to report these foreign assets and the potential consequences of failing to do so in a timely manner. Taxpayers who do not meet their reporting obligations may face IRS enforcement actions. This session will also guide attendees on how to navigate related audits and enforcement proceedings.

Webinar Objectives

Participants will gain a thorough understanding of:

• The duty to report worldwide income and foreign financial assets
• Applicable forms including FBAR (FinCEN Form 114), Forms 8938, 5471, 3520, and 3520-A
• How and when to file required disclosures to stay in compliance
• Penalties for non-compliance, including those for willful FBAR violations
• Resolving past reporting failures—whether intentional or unintentional
• The Streamlined Offshore Voluntary Disclosure Program and other remediation options

Webinar Highlights

• When and how to file FinCEN Form 114
• Penalties for willful failure to file an FBAR
• What qualifies as a foreign asset and where it must be reported
• Gift and inheritance thresholds triggering Form 3520 filing
• Comparing Form 8938 and FBAR reporting requirements
• Understanding and reporting interests in passive foreign investment companies (PFICs)
• Filing obligations for owners of foreign corporations and partnerships (Form 5471)
• How to qualify for offshore voluntary disclosure programs

Who Should Attend

• Accountants
• Tax Preparers
• CFOs
• Financial Compliance Professionals
• Lawyers

Credit(s)

IRS CPE Credits: 1 Tax hour