Basic Foreign Certificate Program LIVE: U.S. Residents with Foreign Income
IRS Program #: X9QQU-T-00917-22-O
CTEC #: 6257-CE-0115
CE: 2 IRS credits & 2 CTEC credits
Speaker: Parag Patel, Esq.

With the IRS aggressively targeting US taxpayers with foreign income and assets, tax professionals must know benefits and obligations. We will review the rules of foreign income and asset disclosure: who needs to file, assets that must be reported, noncompliance penalties, and the potential liability of the taxpayer and tax preparer.

Learning Objectives:

• Understand elections
• Differentiate between Form 1116 and 2555
• Understand, interpret, and complete Forms 8938 and FinCEN 114
• Understand penalties

• Understand foreign rentals
• Understand foreign pensions-public and private