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Resolving Foreign Disclosure Delinquencies With the IRS

RESOLVING FOREIGN DISCLOSURE DELINQUENCIES WITH THE IRS

Cost $15.00
Presentation Length 1.0 hour

Recorded DateJuly 24, 2024
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelBasic
Course Description

Your client did not disclose their foreign financial assets or foreign income, now what? Without proper knowledge of international tax laws, tax professionals might overlook critical disclosures of foreign financial assets, resulting in hefty penalties and interest for clients. Clients often face confusion and anxiety when dealing with complex international tax issues, and inexperienced tax professionals can exacerbate these feelings by providing incomplete or incorrect guidance. In addition, inexperienced tax professionals may not be aware of programs like the IRS Streamlined Filing Compliance Procedures, missing out on opportunities to help their clients fix their delinquency while reducing penalties.

This session will be led by Laura M. Tshilumba, CPA, a distinguished international tax expert who regularly advises other CPAs on complex international tax matters. Join this session to be guided through clear, actionable solutions that will ensure compliance and mitigate penalties for your clients with foreign financial assets and foreign business operations.

Learning Objectives:


  • Describe the different types of foreign disclosures required by the IRS, the consequences of undisclosed offshore financial assets, and the steps necessary to correct omissions or inaccuracies

  • Summarize how to effectively use the IRS Streamlined Filing Compliance Procedures to bring delinquent taxpayers back into compliance with minimal penalties

  • Determine a proactive approach to ensure ongoing compliance for clients with foreign assets, including setting up robust systems for tracking and reporting foreign income and assets

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PLEASE NOTE: ARCHIVED WEBINARS DO NOT QUALIFY FOR CPE
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Lauramtshilumba

As a CPA with two decades of expertise in U.S. international taxation and an educator at heart, Laura is a presenter of NASBA-certified CPE courses on various international tax topics — helping tax professionals connect the dots between the tax law, the IRS tax forms, and their clients’ foreign financial assets and foreign income.

In her pursuit of becoming a healthy accountant who mentally, spiritually, and physically thrives in a high-demanding work environment, Laura became a certified health mindset coach and a certified integrative health nutrition coach. In 2021, she started her health and wellness business where she coaches executive women and women entrepreneurs into managing their stress levels and preventing burnout from high-pressure work and business environments, by implementing authentic self-care regimens that translate to high performance, greater visibility, leadership opportunities, and increased financial net worth. She also coaches high-achieving women to live in their now bodies, while improving their wellness without sacrificing their mental health or their favorite cultural foods. 

About Our Presenter

Lauramtshilumba
As a CPA with two decades of expertise in U.S. international taxation and an educator at heart, Laura is a presenter of NASBA-certified CPE courses on various international tax topics — helping tax professionals connect the dots between the tax law, the IRS tax forms, and their clients’ foreign financial assets and foreign income.

In her pursuit of becoming a healthy accountant who mentally, spiritually, and physically thrives in a high-demanding work environment, Laura became a certified health mindset coach and a certified integrative health nutrition coach. In 2021, she started her health and wellness business where she coaches executive women and women entrepreneurs into managing their stress levels and preventing burnout from high-pressure work and business environments, by implementing authentic self-care regimens that translate to high performance, greater visibility, leadership opportunities, and increased financial net worth. She also coaches high-achieving women to live in their now bodies, while improving their wellness without sacrificing their mental health or their favorite cultural foods.