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

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