International Tax Reporting and Compliance Update

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Archer Hotel

130 Park Avenue

Florham Park, NJ 07932

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The International Tax Reporting and Compliance Update Seminar provides accountants, attorneys and other tax professionals an approach to complying with the new International tax rules for filing 2017 tax returns on extension and for the upcoming 2018 tax season.

  • Earn 2 Credits - Continue Professional Education (CPE)

  • Tax Reform: Section 965 “Transition Tax” Be Prepared to Advise Your Clients and Defend your return's position

  • Form Alliances with other Tax Professionals and create high value services

TAX REFORM

Are you prepared to advise your cilents? If not, you may be exposing your firm to potential fraud allegations and your clients to stiff penalties that can exceed the value of their offshore assets.

Registering for our seminar is a start in protecting your firm and your clients. Educating yourself as to best practices and following some straight forward steps will protect against claims of negligence or lack of diligence in spotting and correcting international reporting omissions.

WHO SHOULD ATTEND

Accountants and Attorneys who want a general update and overview on U.S. tax reporting requirements. Senior associates and professionals who assist clients with tax implications of their global business, investments and financial assets or bank accounts.

WHY YOU SHOULD ATTEND

International tax services is a growing business. In a recent Journal of Accountancy survey of accounting firms, 79% of respondents projected growth in international related accounting in the next five years. Gain knowledge and forge marketing alliances with fellow accountants, lawyers, and other tax experts! Changes to the international tax reporting laws of the U.S. impact a great percentage of businesses, transactions and individuals lives.


Grow your tax firm’s International Services with less risk and waste of your valuable time.


INTERNATIONAL IS TOP-OF-MIND

On August 2, 2018, The Internal Revenue Service proposed Guidance Regarding the Transition Tax Under Section 965 and Related Provisions governing the repatriation tax, detailing which corporate taxpayers are subject to the tax, which assets are on the hook and how to pay in installments.

Attend the seminar to learn the time-tested practical tips, techniques and strategies to quickly and accurately address your client’s International tax challenges including Form 5471 and Section 965.

We developed the International Tax Reporting and Compliance Update seminar to reduce the time and risk needed to respond to the increasing demand for International tax advisory services.

TOPICS

Section 965

The Tax Cuts and Jobs Act amended section 965 of the tax code in an effort to encourage U.S. based multinational corporations to bring trillions of dollars of foreign earnings back to the U.S. at low tax rates. It is related to the 2017 filing of Form 5471, Information Return of U.S. Persons With Respect To Certain Foreign Corporations.

Section 965 generally imposes a transition tax on a US shareholder’s pro rata share of the accumulated earnings and profits (E&P) of a “specified foreign corporation.”

Section 6038 imposes a $10,000 penalty for failure to furnish the required information on a Form 5471 submitted with a timely filed tax return.

IRS Form 5471

U.S. ownership of foreign assets grew to more than the entire gross domestic product of the U.S. for the first time in the second quarter of 2014. Do you know the filing and tax treatment of your client’s foreign investments and business operations?

Not filing, filing late or making mistakes on Form 5471 will lead to penalties and unwanted attention. Correctly filing the return is the minimum first step to defending your international tax position.

The IRS recently released guidelines for its revenue officers regarding the pursuit of investigations relating to IRS Audits of US taxpayers with foreign interests.

This seminar will help you understand the rules for filing Form 5471 and clarify the reporting requirements of U.S. taxation with respect to foreign corporations.

IRS FORM 3520

Gifts and inheritances from foreign relatives are not subject to U.S. tax, but failing to promptly report large foreign gifts and inheritances can lead to confiscatory penalties.

FBAR and FATCA

Unreported foreign bank accounts continue to trouble may U.S. tax filers. Despite years of news stories, many U.S. taxpayers have not yet come forward to report their foreign bank accounts. Legitimizing foreign bank accounts will continue to be active area of business for years to come.

The seminar will cover FBAR basics. What taxpayers are subject to the reporting requirements. What accounts must be reported. How are balances in multiple accounts reported. What returns are due and when must the reporting take place.

The seminar will also cover the penalties that apply for failure to file. The statute of limitations for FBAR reports. We will also discuss strategies for minimizing FBAR penalties.


Customer Reviews

Paul Wigg-Maxwell is one of the exceptionally competent attorneys and a caring person. We have no words to explain how much he has done for us for which we are grateful. A Hanmantgad

Excellent experience. I had some uncommon and large financial situations abroad as a US Citizen. I just wanted to make sure I am going about it legally and wisely. I am a business executive (Harvard B. School), having interacted with many top lawyers worldwide, and working with Paul was a pleasure and a wise choice. Beyond helping me professionally to solidify a winning strategy through his sound knowledge and experience, the interaction was exceptionally forthcoming and pleasant. I would recommend Paul without any hesitation! Oded H.

Paul Wigg-Maxwell is a good lawyer and a good man. He does a great job of contract review for small business. We have had him for long time and we are happy with him. McKinsol Consulting

#NJCPA #CPE #CLE #Section965 #repatriation #wiggmaxtax @Wigg_Maxwell


Date and Time

Location

Archer Hotel

130 Park Avenue

Florham Park, NJ 07932

View Map

Refund Policy

Refunds up to 1 day before event

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