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Kostelanetz clientsforeignactivities

REPORTING CLIENTS’ FOREIGN ACTIVITIES: AVOIDING SERIOUS POTENTIAL TAX PITFALLS

Cost Free
CPE Credits 1.0 hour
1 hour for EAs (Federal Tax)
Course Id# - HURS9-T-00235-18-O
Subject Area Taxes
Course Level Basic
Instructional Method Group Internet Based
Prerequisites None
Advanced Preparation None
Course Description

In today’s increasingly connected world, many taxpayers are finding themselves in trouble because they maintain financial connections to a foreign country. In this session Michael will guide you against serious potential tax pitfalls, help you understand the reporting and compliance issues taxpayers face when dealing with foreign assets, and help you to understand the filing requirements for taxpayers who maintain foreign assets. This session will cover the filing and compliance requirements related to FATCA, IRS Form 8938, FBAR Reporting (Form Fin-CEN 114), and other information returns.
 

Learning Objectives

  • How to properly report foreign assets and related transactions.

  • The FBAR Form (FinCEN 114) and how to get it right.

  • Penalties and other consequences of failing to report foreign assets.

  • Statute of Limitations considerations when a taxpayer fails to report foreign assets.

  • FBAR, Form 5471, FATCA, Form 8938, Form 3520/3520-A.

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Michael Sardar joined Kostelanetz & Fink, LLP in 2009. Mr. Sardar's practice focuses on all stages of civil and criminal tax controversies. He represents taxpayers before the Internal Revenue Service, state tax authorities, the Department of Justice, and local prosecutors. Mr. Sardar has vast experience representing clients making voluntary disclosures of unreported income to the Internal Revenue Service and state tax authorities.

Mr. Sardar has successfully represented scores of clients with unreported foreign assets who have repatriated over half a billion dollars of offshore assets through the IRS's Offshore Voluntary· Disclosure Program and the Streamlined Compliance Procedures. Mr. Sardar also represents taxpayers in New York State and City residency audits and investigations. Mr. Sardar is the Vice-Chair of the New York County Lawyers' Association (NYC LA) Taxation Committee, member of the Committee on Personal Income Taxation, New York City Bar Association, as well as Co-Chair of the Sub-Committee on Offshore Enforcement of the ABA Committee on Civil and Criminal Tax Penalties. Michael lectures frequently on tax controversy issues including foreign asset reporting and non compliance.

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Frequently Asked Questions
  • To receive CPE credit for the event, you must register for the webcast prior to the start of each program.
  • CPE is available to all eligible participants within 24 hours of each webinar.
  • Multiple attendees: In order to receive CPE for multiple attendees, ensure that at least one person signs up for the webinar. At the completion of the webinar a proctor form is provided. Alternatively, you may also login to your account following the webinar and click on the MY ACCOUNT button where you will find a link to the proctor letter.
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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.

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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

About Our Presenter

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Kostelanetz & Fink, LLP enjoys an unparalleled national reputation for representing clients in sensitive and high-stakes negotiations and controversies with government agencies, including tax audits and trials, regulatory investigations, white collar criminal defense and complex litigation. Our attorneys are dedicated to providing the finest legal services in all phases of representation, from factual development, through an audit or investigation, to trial or negotiated resolution. We also have an active practice providing tax planning advice, estate planning and representation in government procurement and government contracting.