Course Description:
Per the Bank Secrecy Act, every year, you must report certain foreign financial accounts, such as bank accounts, brokerage accounts, and mutual funds, to the Treasury Department and keep certain records of those accounts. You report the accounts by filing a Report of Foreign Bank and Financial Accounts (FBAR) on Financial Crimes Enforcement Network (FinCEN) Form 114.
My Tax Courses Online partners with Crystal Stranger to provide an informative course on the latest updates on FinCEN's beneficial ownership reporting requirements. The course dives into the background of FBAR Form 114 and enforcement trends, explores key tax court rulings impacting compliance, and discusses the new reporting obligations for U.S. companies with foreign beneficiaries. This IRS-approved course provides CTEC Tax Preparers with critical insights and practical guidance to navigate these evolving compliance requirements confidently.
Learning Objectives:
1. Understand the difference in rules and practices between BOI and FBAR filing with FinCEN.
2. Explain the new FinCEN beneficial ownership reporting requirements and their impact on tax compliance.
3. Identify essential documentation and client information needed to complete the beneficial ownership form accurately.
4. Recognize potential compliance challenges and key red flags associated with the new reporting requirements.
5. Determine effective actions and a step-by-step guide to ensure full compliance with FinCEN's new regulations on beneficial ownership reporting.
This course counts for 2 Hours of Federal Tax Law for IRS Continuing Education.
About the Presenter:
Crystal Stranger holds a Juris Doctor of Law degree, is an Enrolled Agent (EA), EOS Integrator, and professional Senior Tax Director and CEO of OpticTax.com. With over 20 years of finance, accounting, and leadership experience, she enjoys helping startups stay focused on the big-picture objective while maintaining an eye on the details and performing realistic risk assessments. She is a frequent webinar presenter and speaker for professional organizations and a resource for publications ranging from the New York Times to Money Magazine.
