FATCA Final Regulations For Individual Taxpayers: Form 8938 Reporting On Foreign Financial Assets
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Since 2011 tax professionals have suggested changes and sought clarifications to the rules governing reporting interests in foreign financial assets. In Dec. 2014, the IRS responded to many of these suggested changes and clarifications in its final regulations.
Changes and clarifications to the 2011 temporary regs impact dual resident taxpayers, nonvested interests in property, nonvested property under IRC §83 and assets held by disregarded entities, jointly-owned assets, the definition of retirement, pension and non-retirement savings for reporting purposes, the rule relating to financial assets issued by a person organized under U.S. law, assets with no positive value, and valuation rules related to foreign currency.
The new regulations also create filing exceptions for filers of Forms 5471 and 8865.Listen as our panel discusses these changes and how they impact the filing of Form 8938 for 2014 and beyond. In addition, our panel will highlight areas in which the IRS chose not to make changes or provide clarifications and the rationale behind the IRS’ decisions.
- Changes, modifications and clarifications related to reporting interests in foreign financial assets
- Preparation of Form 8938, Statement of Specified Foreign Assets
- Exceptions to filing Form 8938 and relationship among Forms 8938, 5471, 8865, 8833, FBAR, 1040 and 1040NR
The panel will review these and other key issues:
This is an encore presentation featuring live Q&A.
- The overlap of FATCA reporting and FBAR
- Potential new regulations governing the treatment of virtual currency
- Proposed regulations to apply reporting requirements to specified domestic entities
After completing this course, you will be able to apply the IRS final regulations for individual taxpayers who report interests in foreign financial assets to the IRS in preparing Form 8938, Statement of Specified Foreign Assets, which individuals file with their Forms 1040 or 1040NR. Additionally you will understand the exceptions to filing Form 8938 and the relationship among Forms 8938, 5471, 8865, 8833, FBAR, 1040 and 1040NR.
Matthew D. Lee, Partner
Blank Rome, Philadelphia
Mr. Lee is a former U.S. Department of Justice trial attorney who concentrates his practice on all aspects of white collar criminal defense, federal tax controversies, financial institution regulatory compliance, and complex civil litigation. He has significant experience in conducting corporate internal investigations and advising banks and financial institutions as to compliance issues involving FATCA, the Bank Secrecy Act, the USA Patriot Act, anti-money laundering laws and regulations, and economic sanctions. He also represents financial institutions in enforcement proceedings brought by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN).
Jeffrey M. Rosenfeld, Atty
Blank Rome, Philadelphia
Mr. Rosenfeld concentrates his practice in the area of business tax law. He counsels public and private corporations, partnerships, and individuals in a broad array of tax matters including domestic and international tax matters, state and local tax planning, and issuances of equity-based compensation. He counsels corporate clients and individuals regarding undeclared foreign bank accounts, including “FBAR” reporting obligations, and has represented numerous clients in the Internal Revenue Service’s Offshore Voluntary Disclosure Program. He is a frequent contributor to Blank Rome’s Tax Controversy Watch blog (www.taxcontroversywatch.com) which focuses on addressing and providing a comprehensive review of the latest developments in the tax controversy field.
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