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When it comes to disclosing foreign financial accounts, many U.S. taxpayers—especially expats and those with global investments—face confusion around FBAR (FinCEN Form 114) and Form 8938 (FATCA). While both forms deal with foreign financial assets, they serve different purposes, have distinct thresholds, and are submitted to different agencies. Understanding the key differences between FBAR vs. Form 8938 is critical to staying compliant with the IRS and the FinCEN.
The session examined the new compliance challenges (OBBB Impact) and key considerations for impacted businesses, including the reporting requirements, exemptions, and the distinctions between foreign accounts and foreign assets. Become familiar with reporting thresholds; beware of the harsh consequences for non-compliance. But there’s more: Forms 3520, 5471, 8621, 8865 and 8891. Forms 926, 5472, 8300 and 8854. Find out what the wrath of FATCA has wrought
Session Highlights:
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Representing Your Client in an IRS Audit
IRS Penalties and Abatements
Advanced QuickBooks Online Analysis
Tax Legislation Alert: The One Big Beautiful Bill Act of 2025 (OBBBA)
Employer and Payroll Updates due to the OBBBA
Obtaining and Understanding Your Client's IRS Account Information
Medical Deductions Deep‑Dive: Breaking Down IRS Rules
Navigating Payroll Taxes for Non-Resident Aliens on F-1 and J-1 Visas
Best Practices for an IRS Levy or Wage Garnishment
OBBB 2025 Tax Strategies for Middle Income Households
Mastering Form 1099 Due Diligence: Avoiding Pitfalls, Penalties & IRS Pushback
One Big Beautiful Bill Act Update – IRS Fact Sheet for New Tax Year 2025 Deductions