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Scroll down for course details! Self-Study Course: Foreign Asset Disclosure – Part 1: FBAR Rules

The Treasury Department has implemented procedures to obtain identities of taxpayers who own foreign financial accounts. An increasing number of intergovernmental agreements between the United States and other countries have improved information exchange allowing the IRS to identify and prosecute taxpayers who fail to disclose foreign financial assets and pay taxes. Although apparently directed at taxpayers hiding offshore assets, the scope of the disclosure rules encompasses all taxpayers who own foreign financial assets. The Financial Crimes Enforcement Network has implemented disclosure rules associated with the Bank Secrecy Act, referred to as FBAR rules. This self-study course identifies typical client situations that require disclosure of foreign financial assets and explains the FBAR rules in detail. It might be surprising to discover just how many of your clients are affected by these rules and the consequences for failing to disclose foreign financial assets to both the tax practitioner and the noncompliant client.

(The date in the dropdown list above can be ignored.)

Self-study courses involve completing a pretest, watching a video, answering quiz questions inserted throughout the video, and successfully passing an exam with a score of 70% or better. Each course includes a set of materials that accompany the course presentation. Each course is reviewed annually to ensure the information is up-to-date with current tax law.

This course offers 3.0 CPE credits and qualifies for IRS credit and IL CPA credit.

This course performs best utilizing a desktop or laptop computer.

Cost: $75.00. To register, add the self-study course to your cart by selecting the date in the dropdown menu in the above box. The course expires 1 year after your purchase. Your exam must be completed within 1 year of your purchase date.

Upon purchase, the transaction receipt that is provided via email will contain instructions to access the course. NOTE: The person purchasing this self-study course must be the same person taking the course and completing the exam.

For questions regarding refunds, registration policies, and resolving concerns, please see our Policies and Procedures page.

Marc Lovell Photo Marc Lovell, JD, LLM, MS headed a private law practice from 2001 through 2010 with principal practice areas in federal, state, local and international taxation and tax litigation. While maintaining his practice, Marc served as Tax Materials Specialist and later, Assistant Director, Tax Education and Outreach of the University of Illinois Tax School program from 2011 to 2016. At the Tax School, Marc served as assistant editor of the annual Federal Tax Workbook and co-authored Limited Liability Companies: Choosing Partnership versus S Corporation Status. Marc is presently Director, Tax Department, High Net Worth Private Client Services for CBIZ Tofias in their Boston, Massachusetts office. Marc obtained his JD and LLM from Wayne State University Law School, and his MS in Library and Information Science from the University of Illinois.

Learning Objectives: By taking this self-study course, learners will be able to:

  1. Decide which client situations require foreign asset disclosure under the FBAR rules
  2. Define various terms associated with FBAR rules
  3. Recognize laws, rules, and regulations associated with disclosing foreign assets under the FBAR rules
  4. Identify which IRS and FinCEN forms are required for disclosure and how they are filed
  5. Determine which enforcement activities are associated with failure to disclose foreign assets under the FBAR rules

CPE Credits (qualifies for IRS): 3.0. Final exam must be passed with a score of 70% or better.

Delivery Method: QAS self-study (online self-study)

Program Level: Overview

Field of Study: Taxes

Prerequisite(s): Professional experience preparing and amending federal tax returns.

Materials: Upon purchase, the transaction receipt that is provided via email will contain instructions to access the course materials.

Advance Preparation: None

Please see the CPE FAQ for more information.

Last updated 4/13/2017 8:28:02 AM