Description
Understand the scope of U.S. tax reporting obligations with respect to offshore assets and the potential penalties for noncompliance.
Millions of U.S. taxpayers living both overseas and in the United States own assets that are kept offshore. The U.S. government believes that many of these taxpayers, with the assistance of foreign financial institutions and other individuals, have been holding their assets offshore to avoid U.S. income tax or hide criminal activity. IRS enforcement activity in this area has been heavy for the last 15 years and the IRS, through various information gathering techniques, has become quite adept at locating taxpayers who are noncompliant with their offshore asset reporting obligations. To avoid serious problems, U.S. taxpayers and their tax advisors need to be well versed in a complicated reporting scheme. This presentation will help attendees understand the scope of U.S. tax reporting obligations with respect to offshore assets, the potential penalties for noncompliance, and ways that taxpayers may remediate past noncompliance before the IRS commences a formal investigation. Attendees will also learn about the laws and processes that have been put into place to collect information on offshore assets and how technology is assisting with that effort. Finally, attendees will hear about recent FBAR litigation and how that is shaping IRS enforcements efforts. Offshore asset reporting can be a trap for the unwary, but it doesnt need to be.
Date: 2024-04-17 Start Time: 1:00 PM ET End Time: 2:40 PM ET
Learning Objectives
* You will be able to define the scope of U.S. taxpayers information reporting obligations with respect to offshore assets.
* You will be able to explain the differences between FATCA and the Common Reporting Standard.
* You will be able to describe the potential penalties U.S. taxpayers face for failing to comply with the reporting of their offshore assets.
* You will be able to discuss recent FBAR case decisions and the anticipated impact on related IRS enforcement efforts.