Foreign Information Returns: Key Forms

Overview

Business succession is not just a legal transition — it’s a financial turning point. In this practical session, veteran business attorney Jason B. Meyer, Esq. outlines the governance, structural, and planning steps that help protect enterprise value and prevent costly disruption. Designed for CPAs, CFOs, and financial advisors, this course focuses on strengthening charter documents, mitigating continuity risks, preparing for due diligence, and coordinating legal and tax strategy to support smooth ownership transitions — whether to family, employees, or external buyers.

Highlights

• IRS foreign information returns and Civil Penalties Information Chart
• Report of Foreign Bank and Financial Accounts: Form Fin CEN Form 114
• FBAR penalty mitigation rules
• Statement of Specified Foreign Financial Assets: Form 8938
• Annual Return to Report Transactions with Foreign Trusts and Receipt of Certain Gifts: Form 3520
• Annual Information Return of Foreign Trust With a US Owner: Form 3520-A
• Information Return of U.S. Persons concerning Certain Foreign Corporations: Form 5471
• Information Return of a 25% Foreign-Owned or a Foreign Corporation Engaging in a US Trade or Business: Form 5472
• Return by a US Transfer of Property to a Foreign Corporation: Form 926
• Return of U.S. Persons concerning Certain Foreign Partnerships: Form 8865
• Information Return of U.S. Persons concerning Foreign Disregarded Entities: Form 8858
• Return by Shareholder of a Passive Investment Company or Qualified Electing Fund: Form 8621
• Current procedures for participation in the IRS Offshore Voluntary Disclosure Program (OVDP)

Prerequisites

Assumes some knowledge of all types of tax returns.

Objectives

• Gain a working knowledge of all the foreign information returns
• Identify key defenses to IRS criminal and civil penalties for faulty foreign returns or non-filed foreign returns
• Recognize the significance of the IRS voluntary disclosure policy related to offshore transactions and accounts

Preparation

None.

Notice

This is a self-study/on demand course offered by a 3rd party vendor and will NOT be accessible in the My Upcoming CPE section of the ISCPA website. Course access information will be emailed directly to you by CalCPA. The course expires one year from the purchase date. Format = Online Self-Study.