Foreign asset reporting is one of the most complex areas of U.S. tax compliance. Two key disclosure requirements—FinCEN Form 114 (FBAR) and IRS Form 8938 (FATCA)—often overlap, but they are not interchangeable. Each carries unique thresholds, reporting rules, and penalties for noncompliance.
In this webinar, we will break down the critical differences and connections between FBAR and Form 8938, providing a clear framework to help taxpayers, advisors, and compliance professionals avoid costly mistakes. Participants will gain a practical understanding of filing requirements, common pitfalls, and best practices for ensuring compliance with U.S. foreign asset reporting obligations.
Session Highlights & Agenda:
• Differentiate between the filing requirements of FBAR (FinCEN Form 114) and Form 8938 (FATCA).
• Identify reporting thresholds, deadlines, and penalties associated with each form.
• Recognize areas of overlap and understand when both forms must be filed.
• Apply best practices for accurate and timely compliance with foreign asset reporting rules.
• Advise clients or organizations on avoiding common errors and mitigating risks in foreign asset disclosure.
Credits and Other information:
• Credit: 2.0 (Taxes)
• Level: Basic
• Format: Live online webinar
• Duration: 120 minutes
• Requirement: Full attendance
• Prep: None needed
Who Will Benefit:
• CPA
• Enrolled Agents (EAs)
• Tax Professionals
• Attorneys
• Other Tax Preparers
• Finance professionals
• Financial planners
Patrick McCormick is an attorney with over a dozen years of experience, focusing his practice specifically on international taxation. Mr. McCormick represents both business and individual clients on all aspects of United States international tax rules, both from an income tax and estate/gift tax perspective. Having previously served as a partner at a large law firm, a midsized accounting firm, and a boutique tax law firm, Patrick’s client exposures have covered every conceivable area of American-side international tax matters. Patrick has also represented every type of taxpayer – from multibillion-dollar business enterprises and ultra-high net worth individuals to startups and individuals with complex questions but limited budgets.
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