The National Association of Tax Professionals

The National Association of Tax Professionals

Foreign Investment Reporting

  • Topic(s): Individual
  • Presenter(s): Melinda Garvin EA, RTRP
  • Session#: 925-18
  • Session Length: 100 minutes
  • Program: NATP 2015 Tax Forums & Expo
  • Date: Sep 3, 2015
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Foreign Investment Reporting - Details:

The IRS is making a very proactive attempt to uncover hidden offshore accounts requiring taxpayers to file certain disclosure forms with the tax return when foreign holdings exceed a specified value. The penalties for noncompliance can be substantial. In this session, we'll cover issues associated for foreign investments including the foreign tax credit and when taxpayers are required to disclose foreign assets.

Upon completion of the session, you will be able to:
  1. Categorize types of specified foreign financial assets.
  2. Identify when a taxpayer is required to file Form 8938.
  3. Identify when a taxpayer is required to file FinCEN 114.
  4. Identify taxes that qualify for the foreign tax credit.