IRS Foreign Compliance: Navigating Audits on FBARs, Foreign Corporations, and Gifts from Overseas Entities

Adam Fayne

Adam Fayne

Adam is a tax attorney who helps businesses and individuals with tax controversies before the Internal Revenue Service (IRS) and tax planning both domestically and internationally. He also handles a variety of white-collar criminal matters, both federal and state, particularly involving civil and criminal tax fraud, including tax evasion, money...
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60 Mins
Adam Fayne

Guidelines for Ensuring Compliance with IRS Reporting Requirements and Handling Audits Effectively

This webinar by Tax attorney, Adam Fayne, will provide an overview of compliance obligations related to foreign assets; including but not limited to foreign bank accounts, foreign corporations, foreign gifts and estates, foreign partnerships, and more. During the session, Adam will discuss, when taxpayers have a duty to report these foreign assets, and the consequences for a taxpayer’s failure to timely report or disclose these foreign assets. Taxpayers may be selected for enforcement action by the IRS for their failure to report these foreign assets and Adam will guide how to navigate those audits and enforcement actions.

Webinar Objectives

  • Explore Reporting Requirements for Worldwide Income, Encompassing Foreign Accounts, Corporations, and Partnerships.
  • Understand Tax Obligations Associated with Income Derived from Foreign Entities.
  • Examine Penalties for Noncompliance with Reporting Obligations.
  • Cover Key Topics Including FBAR Reporting and Associated Penalties.
  • Identify Various Types of Foreign Assets Subject to Reporting.
  • Conduct a Detailed Comparison of Form 8938 and FBAR Requirements.
  • Gain Insights into Passive Foreign Investment Companies (PFICs) and Their Implications.
  • Understand Reporting Obligations Through Form 5471 for Foreign Corporations.
  • Navigate the Offshore Voluntary Disclosure Initiative (OVDI) and Its Intricacies.
  • Learn About Reporting Requirements for Receiving Foreign Gifts and Form 3520.
  • Explore Additional Relevant Topics Associated with Global Income Reporting and Compliance.

Webinar Highlights

  • When and How to File FinCEN Form 114
  • Identify the Appropriate Penalty for Willful Failure to File an FBAR
  • Choose Which Assets Are Reportable on Form 8938, 5471, 3520, and Form 3520-A
  • Identify the Filing Threshold for Gifts from Foreign Corporations or Partnerships
  • Determine How to Fix Past Non-Compliance Mistakes – Intentional or Inadvertent
  • Discuss Eligibility Requirements for the Streamlined Offshore Voluntary Disclosure Program

Who Should Attend

Accountants, tax preparers, CFOs, financial compliance professionals, and lawyers

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IRS CPE Credits: 1 Tax hour

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