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Reporting foreign assets under new IRS rules

plantemoran webinarsThe IRS is looking more closely at businesses and individuals with foreign bank accounts and other offshore assets. Anxious to improve compliance, the IRS is expanding its reporting requirements for foreign assets under FATCA (Foreign Account Tax Compliance Act). These new rules parallel, but expand prior reporting requirements for foreign bank accounts (FBAR). The new requirements include Form 8938 which currently targets individuals, but will extend to foreign financial institutions and companies with transactions with foreign financial institutions in 2013.

Penalties for noncompliance are significant, therefore U.S. companies should review their reporting for foreign bank accounts, foreign assets, and foreign operations under current rules and determine if the right information is being reported.

Our experts will talk about the effects of increased IRS attention to foreign assets and bank accounts and discuss opportunities for tax savings like Interest Charge Domestic International Sales Corporations (IC-DISCs) and structuring and financing techniques using the “check-the-box” election.

At the conclusion of this webinar, participants will be able to:

  • Determine current and future requirements for reporting offshore bank accounts and foreign financial assets under current law and new FATCA requirements.
  • Discuss tax savings opportunities for businesses with offshore assets, foreign affiliates, or sales to foreign customers.
  • Identify best practices to communicate and coordinate with foreign affiliates to get appropriate information to comply with FBAR and FATCA reporting requirements.

Presenters: Mariana Mizoguchi and Randall Janiczek of the firm’s international team.


Date: May 8, 2012

Time: 1:00PM EDT - 2:00PM EDT