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 – to the relief of the practitioner community – 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, as these generally do not enjoy the same tax benefits of their American counterparts.

This class will unveil the complexity of the mandated reporting regime for PFICs (Form 8621) and for those investments deemed to be foreign “trust” (Form 3520).

Learning Objectives:

• Identify a taxpayer’s foreign investment as a PFIC


• Define the complex reporting requirements required for foreign pension and retirement accounts


• Recognize which foreign investment may be deemed to be a trust subject to FATCA reporting


• Identify how to complete Forms 8621 and 3520


• Determine how clients remain compliant

NASBA Approved

CPAacademy.org (Sponsor Id#: 111889) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

CPAacademy.org 1685 S. Colorado Blvd, Suite #205, Denver, CO 80222

EA Approved

CPAacademy.org (Sponsor Id#: HURS9) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

CPAacademy.org 1685 S. Colorado Blvd, Suite #205, Denver, CO 80222