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3-April-2020 at 12pm ET - The Internal Revenue Service Streamlined Procedure - Webinar (Course Id 1559)

QAS / Registry
Author : Richard S Lehman, Esq.
Status : Production
CPE Credits : 1.0
IRS Credits : 1
Price : $0.00
Passing Score : 70%
NASBA Technical: Yes
Primary Subject-Field Of Study:

Taxes - Taxes for Course Id 1559

Description :

American investors who own income-producing assets in foreign domains outside of the United States are required to report the existence and earnings of those assets for United States tax purposes.  In the past, there has been a good deal of failure to report bank deposits and other foreign assets.  Once discovered by the Internal Revenue Service, this failure to report can lead to significant penalties and tax collections. 

There is a procedure for those investors who can prove that they have not “willfully” failed to report their foreign investments to “come clean” for a relatively small payment of unpaid taxes on the foreign assets.

This procedure termed the Streamlined Procedure permits the taxpayer to bring their foreign bank deposits and other investments current for tax purposes.  There is a relatively small penalty for U.S. taxpayers in the U.S. and no penalty for U.S. taxpayers without the U.S. 

Usage Rank : 0
Release : 2019
Version : 1.0
Prerequisites : None.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Advance Preparation : None.
Delivery Method : Group Internet Based
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 31-Jul-2019
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - NASBA Registry - 1559

Keywords : cpa, tax, accounting, services
Learning Objectives :

Course Learning Objectives

After this webinar you will be able to:
  • Explore the criminal penalties that you apply to U.S. taxpayers who do not disclose foreign assets.
  • Identify the tax penalties that could apply to unpaid United States taxes.
  • Discover the standards that the Internal Revenue Service must observe in determining whether a taxpayer is willful in their failure to pay United States taxes.
  • Recognize the amount of penalty and taxes that result from the benefits of the Streamline Procedure.
  • Learn that bank deposits and foreign assets need to be reported in a continuous manner.

Course Contents :

After this webinar you will be able to:

        Explore the criminal penalties that you apply to U.S. taxpayers who do not disclose foreign assets.

        Identify the tax penalties that could apply to unpaid United States taxes.

        Discover the standards that the Internal Revenue Service must observe in determining whether a taxpayer is willful in their failure to pay United States taxes.

        Recognize the amount of penalty and taxes that result from the benefits of the Streamline Procedure.

        Learn that bank deposits and foreign assets need to be reported in a continuous manner.

Home page: https://www.cpethink.com/cpa-webinar
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