Until you know what to ask, you won't know if your clients need one of the many complex international information returns. The risk is high, with penalties ranging from $10,000 to $100,000 if returns are overlooked or completed incorrectly. Once these penalties are assessed, it can be nearly impossible to convince the IRS to waive them. Thus, it is critical for practitioners to screen clients to make sure that they are staying out of trouble and for business owners to understand the risks to make sure their team is covering all bases.

Learning Objectives:

• Determine if clients are required to report foreign income or ownership interests with their tax returns


• Identify essential questions to ask to determine if forms such as 5471, 926, 5472, 8804/8805, 8621, 3520/3520-A, 8938, FBAR, and 1120F are required

NASBA Approved

CPAacademy.org (Sponsor Id#: 111889) 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 credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

CPAacademy.org 1685 S. Colorado Blvd, Suite #205, Denver, CO 80222

EA Approved

CPAacademy.org (Sponsor Id#: HURS9) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

CPAacademy.org 1685 S. Colorado Blvd, Suite #205, Denver, CO 80222