NTA2321. Navigating Foreign Information Reporting: FBAR, Form 8938, and Other International Forms

The web of IRS international information reporting forms can be confusing and seemingly duplicative. Combine that with the potential for hefty non-filing penalties and off-cycle filing deadlines and you have a recipe for disaster. This session will offer a high-level overview of the most common reporting forms and when they apply, as well as avenues for challenging international information reporting penalties. Panelists will also discuss recent developments in FBAR and Form 5471 case law and related topics.

Learning Objectives:

• Distinguish between the filing requirements for FBARs and Forms 8938 (Statement of Specified Foreign Financial Assets).
• Identify the facts and circumstances that trigger Form 3520 and 3520-A (Annual Return to Report Transactions with Foreign Trusts and Receipt of Foreign Gifts & Annual Information Return of Foreign Trust with A U.S. Owner) filing requirements.
• Determine how and when international information return penalties are assessed and potential avenues for relief.
• Distinguish how and when international information return penalties are assessed and potential avenues for relief.