IRS Foreign Tax Compliance – FBARs, Foreign Gifts and Trusts, and More

Event: Live Webinar
Event Date: May 24, 2024
Presenter: Adam Fayne
Event Time: 11:00 AM EST
Duration:60 Minutes


This webinar will focus on United States taxpayers’ compliance obligations with the Internal Revenue Service when they have an interest in Foreign Assets or receive Foreign Gifts. We will discuss the requirements to file FBARs, Forms 3520 and 3520-A, Form 5471, and others. You will learn the consequences of not filing these forms and what actions are available to taxpayers who fail to file these forms on time, or at all.

Session Highlights:

  • When and How to File FinCEN Form 114
  • Identify the Appropriate Penalty for Willful Failure to File an FBAR
  • Choose Which Assets Are Reportable on Form 8938, 5471, 3520, and Form 3520-A
  • Identify the Filing Threshold for Gifts from Foreign Corporations or Partnerships
  • Determine How to Fix Past Non-Compliance Mistakes – Intentional or Inadvertent
  • Discuss Eligibility Requirements for the Streamlined Offshore Voluntary Disclosure Program

Learning Objectives

  • Explore Reporting Requirements for Worldwide Income, Encompassing Foreign Accounts, Corporations, and Partnerships.
  • Understand Tax Obligations Associated with Income Derived from Foreign Entities.
  • Examine Penalties for Noncompliance with Reporting Obligations.
  • Cover Key Topics Including FBAR Reporting and Associated Penalties.
  • Identify Various Types of Foreign Assets Subject to Reporting.
  • Conduct a Detailed Comparison of Form 8938 and FBAR Requirements.
  • Gain Insights into Passive Foreign Investment Companies (PFICs) and Their Implications.
  • Understand Reporting Obligations Through Form 5471 for Foreign Corporations.
  • Navigate the Offshore Voluntary Disclosure Initiative (OVDI) and Its Intricacies.
  • Learn About Reporting Requirements for Receiving Foreign Gifts and Form 3520.
  • Explore Additional Relevant Topics Associated with Global Income Reporting and Compliance.

Who Should Attend

  • Accountants
  • Tax Preparers
  • CFOs
  • Financial Compliance Professionals
  • Lawyers

Speaker Profile:

ADAM S. FAYNE is a partner with Saul Ewing Arnstein & Lehr LLP, where he assists companies and individuals, nationally and internationally, on corporate and tax issues. As a corporate attorney, Mr.Fayne routinely advises management or in-house general counsel on various legal matters affecting their day-to-day corporate activities. His experience includes handling matters involving mergers and acquisitions, employment, compliance, litigation, personal injury, vendor contract review and negotiations, employment benefits, financing, real estate and many other issues. Mr. Fayne helps businesses and individuals with tax controversies before the Internal Revenue Service and tax planning, both domestically and internationally. He also handles a variety of white collar criminal matters, both federal and state particularly involving civil and criminal tax fraud, including tax evasion, money laundering and offshore tax compliance. Mr. Fayne‘s knowledge of tax law is informed by his former role as a Special Assistant United States Attorney with the Department of Treasury Internal Revenue Service. He earned his B.A. degree from the University of Arizona, and his J.D. degree, with honors, from Chicago-Kent College of Law.