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International Tax Reporting and Compliance Update

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Short Hills Hilton

41 John F Kennedy Pkwy

Shorthills, NJ 07078

United States

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Accountants & Attorneys Learn About the Latest Developments While Networking with Peers, Faculty and Tax Professionals!

Grow your firm’s International Services with less risk and less waste of your valuable time.

Is your firm prepared to handle your client's international tax issues? If not, you may be exposing your firm to potential fraud allegations and your clients to stiff penalties that can exceed the value of their offshore assets.

Registering for our seminar is a start in protecting your firm and your clients. Educating yourself as to best practices and following some straight forward steps will protect against claims of negligence or lack of diligence in spotting and correcting international reporting omissions.


INTERNATIONAL IS TOP-OF-MIND

The IRS updated the FATCA guidelines in 2017 and requested a budget increase of 273 FATCA enforcement Full Time Equivalents.

The IRS continues to prosecute and convict tax evaders with information from its Swiss Bank Initiative. As each new sensational conviction is reported, there are more and more anxious taxpayers who want to make sure their international reporting is compliant.

Additionally, The New Common Reporting Standard (CRS) is providing foreign governments with similar access to unreported international accounts and funds.

International tax services is a growing business. In a recent Journal of Accountancy survey of accounting firms, 79% of respondents projected growth in international related accounting in the next five years.

The firms participating in the survey agreed that the top 3 barriers to successfully providing new International tax services are:

1) Lack of International tax law knowledge

2) Vagueness of compliancy reporting requirements

3) The need to form alliances to support new service offerings and complete their value proposition

To address these issues and more, Paul Wigg-Maxwell, Esq. is producing a series of International tax law education and networking events culminating with a live in person seminar titled “International Tax Reporting and Compliance Updates” to be held Sept 19 at 8:30 AM in Short Hills, New Jersey.

Learn what you are required to ask your tax clients about their foreign assets and what you must teach them about which foreign assets and accounts are specified foreign financial assets under the new FATCA reporting requirements.

We packed this seminar with timely relevant topics that will enhance your professional tax service’s value.

Don’t fall prey to competition by failing to develop an international tax capability or disappoint your clients by not providing the professional international tax guidance they need.

Keep your firm on top with the International tax law knowledge developed from years of practice applying international treaties and rulings to real life cases. Establish leadership in this growing niche by mastering the deeply complex compliance reporting rules.

Learn the time-tested practical tips, techniques and strategies to quickly and accurately address your client’s International tax challenges.

FBAR and FATCA

Unreported foreign bank accounts continue to trouble may U.S. tax filers. Despite years of news stories, many U.S. taxpayers have not yet come forward to report their foreign bank accounts. Legitimizing foreign bank accounts will continue to be active area of business for years to come.

The seminar will cover FBAR basics. What taxpayers are subject to the reporting requirements. What accounts must be reported. How are balances in multiple accounts reported. What returns are due and when must the reporting take place.

The seminar will also cover the penalties that apply for failure to file. The statute of limitations for FBAR reports. We will also discuss strategies for minimizing FBAR penalties.

FATCA has added reporting of Foreign Financial Accounts to the requirement of reporting foreign bank accounts. How is the obvious overlap of the two requirements handled? What additional assets are treated as foreign financial assets? What foreign assets are excluded from treatment as a financial asset? We will cover the thresholds triggering reporting, issues of aggregating assets, issues involving multiple ownership of assets and whether all owners must file reports. Penalties will be discussed as well as strategies for obtaining penalty relief and reducing the amount of the penalty.

FATCA and FBAR penalties are often criticized as they excessive. In many cases they may exceed the value of offshore assets. Learn how to argue the unreasonableness of these penalties with the IRS.


Form 5471

U.S. ownership of foreign assets grew to more than the entire gross domestic product of the U.S. for the first time in the second quarter of 2014. Do you know the filing and tax treatment of your client’s foreign investments and business operations?

Not filing, filing late or making mistakes on Form 5471 will lead to penalties and unwanted attention. Correctly filing the return is the minimum first step to defending your international tax position.

The IRS recently released guidelines for its revenue officers regarding the pursuit of investigations relating to IRS Audits of US taxpayers with foreign interests.

This seminar will help you understand the rules for filing Form 5471 and clarify the reporting requirements of U.S. taxation with respect to foreign corporations.

IRS FORM 3520

Gifts and inheritances from foreign relatives are not subject to U.S. tax, but failing to promptly report large foreign gifts and inheritances can lead to confiscatory penalties.

For tax professionals servicing New Jersey business or individuals, a working knowledge of how international connections affect U.S. tax issue is important.

• 1 in 10 persons in New Jersey are not citizens of the United States.

• 28% of all business owners in New Jersey were born in a foreign country

Why You Should Attend

Gain knowledge and forge marketing alliances with fellow accountants, lawyers, and other tax experts!

Changes to the international tax reporting laws of the U.S. impact a great percentage of businesses, transactions and individuals lives.


Who Should Attend

Accountants and Attorneys who want a general update and overview on U.S. tax reporting requiremnets. Senior associates and professionals who assist clients with tax implications of their global business, investments and financial assets or bank accounts.


Register now. .

• Get up to speed with the information you need to be a trusted advisor in a growing market

• CPAs Update and refresh your understanding of international tax reporting basics.

• Attorneys Update and refresh your understanding of international tax basics.

When you complete this workshop, you will be able to:

• Enhance your ability to spot international tax issues.

• Have answers ready for many common tax questions and issues facing international clients.

• Understand the changing international tax landscape and the need for international tax services

• Knowledgeably interview clients to identify additional tax services

• Build strong relationships and earn your clients' trust

Business Impact

• Attract new clients with International Ties

• Serve clients that require international tax compliance

• Identify scenarios that require analysis or research into international tax

You Will Learn

• What must a tax preparer ask about foreign assets and accounts.

• What are the thresholds for reporting requirements under the various different requirements.

• What must be reported on more than one tax form or by more than one taxpayer.

• How are married couples treated for purposes of reporting requirements.

• What are the penalties for failure to comply with reporting requirements.

• What defenses are available to a claim of failure to report.

• How may penalties be abated.

• Should your client submit disclosure through the Offshore Voluntary Disclosure Initiative; the Streamlined Disclosure Program; a soft filing; or simply by ignoring the past and reporting correctly for the current and future years.

• Common traps and mistakes to avoid when dealing with international clients.

• Access the best sources for international research and checklists

Topics

Enforcing Domestic Taxation FATCA and FBAR

• Determine who must file the FBAR

• Learn who is exempt from the FBAR filing requirements

• Determine the FBAR filing requirements

• What are “financial interests”

• What “Foreign Bank Accounts and Financial Accounts?”

• What is “signatory authority”

• What forms must be filed and when must they be filed.

• FATCA, what are “foreign assets?”

• FATCA, what is the filing requirement thresholds?

• FATCA, what form number is required?

• FATCA, what is the 2016 filing date?

• FATCA, what are the civil penalties for failure to file?


IRS Form 5471 and 5472

• Deciphering IRS Form 5471 and 5472 Categories and Schedules

• Understand transfer pricing compliance

• Understanding Subpart F

• Dividends, Earnings and Profits and Foreign Tax Credits

• Strategies for reporting data with quality issues

IRS Form 3520

• Understand common foreign inheritance and gifts compliance.

• How to confirm the identify of the executors

• How to get your client fast access to bank accounts

• Help class b clients to get through the hoops without delay

• How to save time when you help clients who encounter roadblocks with their banks

• Taxable foreign inheritance thresholds

• An introduction to the complex world of foreign trust reporting

Customer Reviews

Paul Wigg-Maxwell is one of the exceptionally competent attorneys and a caring person. We have no words to explain how much he has done for us for which we are grateful. A Hanmantgad

Excellent experience. I had some uncommon and large financial situations abroad as a US Citizen. I just wanted to make sure I am going about it legally and wisely. I am a business executive (Harvard B. School), having interacted with many top lawyers worldwide, and working with Paul was a pleasure and a wise choice. Beyond helping me professionally to solidify a winning strategy through his sound knowledge and experience, the interaction was exceptionally forthcoming and pleasant. I would recommend Paul without any hesitation! Oded H.

Paul Wigg-Maxwell is a good lawyer and a good man. He does a great job of contract review for small business. We have had him for long time and we are happy with him. McKinsol Consulting

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Date and Time

Location

Short Hills Hilton

41 John F Kennedy Pkwy

Shorthills, NJ 07078

United States

View Map

Refund Policy

Refunds up to 1 day before event

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