U.S. taxpayers with foreign financial assets face a complex set of reporting requirements—and two of the most commonly confused obligations are Form 8938 (FATCA reporting) and the FBAR (FinCEN Form 114). Although both aim to increase transparency regarding offshore accounts, the rules, thresholds, filing processes, and penalties differ significantly. Failure to comply can lead to severe civil and even criminal consequences.
This comprehensive webinar provides tax professionals, CPAs, attorneys, and financial advisors with clear, practical guidance on how to distinguish between Form 8938 and FBAR requirements, identify when each applies, and ensure accurate, timely compliance. Attendees will learn how asset thresholds vary by filing status, which financial accounts and assets must be reported, and the interaction between IRS FATCA rules and FinCEN’s Bank Secrecy Act regulations. The session also covers common filing mistakes, audit triggers, and best practices for advising clients with foreign assets.
• Step-by-step instructions on how to file the FBAR online
• Understand Common FBAR mistakes to avoid penalties
• Key differences between FBAR and FATCA (Form 8938)
• Failing to comply with FBAR filing requirements can lead to severe penalties.
• Form 8938 vs. FBAR Assets: Which Financial Accounts Are Reportable on Each Form?
• Types of foreign accounts and assets that must be reported
Credits and Other information:
• Credit: 2.0 (Taxes)
• Course ID: QQTMI
• 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
Charles K. Montecino, is a Certified Public Accountant and Certified Tax Resolution Specialist. He has significant experience in helping clients solve their IRS problems, and clients say he does it with patience and, as one client put it, “without making me feel dumb.” In 2008 he received the Top Practitioner Award from the American Society of Tax Problem Solvers.
He has spent his 40 plus years career in public accounting, and over 35 of them running his own firm. He has been a tax resolution specialist for over 25 years. He is a licensed CPA in New Jersey and is also a CGMA, Chartered Global Management Accountant. He serves on the Cooperation with IRS Committee and the Cannabis Special Interest Group with the New Jersey Society of CPAs. He is a member of the American Institute of CPAs, New Jersey Society of CPAs, and The American Society of Tax Problem Solvers.
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