As tax professionals comply with requirements to report the foreign financial accounts of clients, many questions may arise. Questions may include:
- What is the role of the Financial Crimes Enforcement Network (FinCEN)?
- What purpose does the Report of Foreign Bank and Financial Accounts (FBAR) have?
- How does the purpose of the FBAR differ from that of Form 8938, Statement of Specified Foreign Financial Assets?
- Why are the FBAR report and Form 8938 required to be separately filed by many filers?
- What implications ensue for tax professionals?
This course offers background information to offer historical context behind the requirements to report financial accounts, as well as a detailed look at the current preparation and filing guidelines.
After completing this course, you will be able to:
- Explain the history and purpose of FinCEN
- Understand when filing the FBAR and Form 8938 are required
- Prepare and file the FBAR and Form 8938