About the Course
Introduction
This webinar will guide international tax advisers through streamlined compliance programs offered by the IRS to bring taxpayers up to date on their tax and foreign reporting obligations. Our authoritative panel will explain eligibility requirements and required documentation as well as offer advice to facilitate acceptance and resolution of past noncompliance.
Description
For taxpayers behind on their income tax and information return filing obligations, the IRS offers streamlined compliance programs. The requirements are stringent, but the benefits include substantial penalty relief and peace of mind for taxpayers seeking amnesty. The Streamlined Foreign Offshore Procedures (SFOP) provide relief for nonresidents, including abatement of penalties.
The Streamlined Domestic Offshore Procedures (SDOP) for residents include a five percent Title 26 miscellaneous offshore penalty. Both programs require that taxpayers certify that their noncompliance was nonwillful. Prior tax returns and additional foreign reports, including Forms 8938, 3520, 5471, and the FBAR, are among the voluminous required submissions for both the SFOP and SDOP.
Some taxpayers chose to file and expatriate. The transition tax under Section 965 must be calculated and paid. Practitioners can provide a valuable service by assisting noncompliant multinational taxpayers with the streamlined compliance procedures. Understanding how to avoid common errors and expedite the acceptance of these agreements is critical.
Listen as our panel of international tax experts guides you through SFOP and SDOP to help taxpayers become compliant.
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BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.
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BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).
Date + Time
- event
Tuesday, July 26, 2022
- schedule
1:00 p.m. ET./10:00 a.m. PT
- Streamlined Foreign Offshore Procedures (SFOP)
- Streamlined Domestic Offshore Procedures (SDOP)
- Required submissions
- Income tax returns
- Information returns
- Certification statements
- Expatriation and Section 965 transition tax
- Handling an audit
- Avoiding common errors
- Alternatives to SFOP and SDOP
The panel will cover these and other critical issues:
- What is considered nonwillful noncompliance under the streamlined compliance programs?
- How the five percent Title 26 penalty is calculated for the SDOP
- Which taxpayers are eligible for the SFOP?
- What common errors should practitioners avoid when filing for relief under the streamlined compliance programs?
Learning Objectives
After completing this course, you will be able to:
- Identify taxpayers eligible for SFOP
- Determine the penalty required under Title 26 for SDOP
- Ascertain which foreign returns are required to be filed under the streamlined compliance procedures
- Decide when a taxpayer might benefit from SDOP
- Field of Study: Taxes
- Level of Knowledge: Intermediate
- Advance Preparation: None
- Teaching Method: Seminar/Lecture
- Delivery Method: Group-Internet (via computer)
- Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
- Prerequisite: Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of international taxation including residency determination, foreign entity classifications, application of treaty benefits, as well as GILTI, Subpart F, and the related Section 250 deductions.
BARBRI, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.
BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).
BARBRI CE webinars-powered by Barbri-are backed by our 100% unconditional money-back guarantee: If you are not satisfied with any of our products, simply let us know and get a full refund. Contact us at 1-800-926-7926 .
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