Date: Feburary 27th, 2026

Time: 1pm ET | 12pm CT | 11am MT | 10am PT

Duration: 120 Minutes

Description:

This course comprehensively addresses the complex foreign financial asset reporting requirements for U.S. taxpayers, focusing on the distinctions and intersections between Form 8938 (FATCA) and the FBAR (FinCEN Form 114). It is designed for tax professionals, CPAs, attorneys, and financial advisors who seek thorough, practical knowledge to ensure accurate compliance and avoid severe penalties. The course is current, detailed, and well-structured for intermediate-level practitioners familiar with federal income taxation.

Topics Covered:

• Clear, step-by-step guidance on filing the FBAR online, including common mistakes to avoid penalties
• Detailed comparison of the key differences between FBAR and FATCA (Form 8938) reporting requirements
• Explanation of asset thresholds varying by filing status and identification of reportable foreign financial accounts and assets
• Insights into the interaction between IRS FATCA rules and FinCEN’s Bank Secrecy Act regulations
• Common audit triggers and best practices for advising clients with foreign assets to ensure compliance
• Coverage of penalties for noncompliance and effective compliance strategies

Learning Objectives:

• Upon completing this course, attendees will be able to:
• Distinguish between Form 8938 and FBAR reporting requirements and filing processes
• Identify which foreign financial accounts and assets must be reported on each form
• Understand varying asset thresholds by taxpayer filing status and how they impact reporting obligations
• Navigate the intersection of FATCA and Bank Secrecy Act regulatory requirements
• Recognize common filing errors, audit triggers, and methods to minimize risk of penalties
• Apply best practices in advising clients with foreign assets for timely and accurate compliance
• This course equips tax professionals with the knowledge and tools needed for expert handling of foreign financial asset reporting, ensuring compliance with evolving IRS and FinCEN rules to mitigate the risk of civil and criminal consequences

Credits and Other information:

• Recommended CPE credit – 2.0
• Recommended field of study – Taxes
• Session Prerequisites and preparation: None
• Session learning level: Basic
• Location: Virtual/Online
• Delivery method: Group Internet Based
• Attendance Requirement:  Yes
• Session Duration: 2 Hours

Who Will Benefit:

• CPA
• Enrolled Agents (EAs)
• Tax Professionals
• Attorneys
• Other Tax Preparers
• Finance professionals
• Financial planners

About Our Speaker

Patrick McCormick is an attorney with over a dozen years of experience, focusing his practice specifically on international taxation. Mr. McCormick represents both business and individual clients on all aspects of United States international tax rules, both from an income tax and estate/gift tax perspective. Having previously served as both a partner at a large law firm and as a non-CPA Partner at a midsized accounting firm, Patrick’s client exposures have covered every conceivable area of American-side international tax matters for multibillion-dollar businesses, ultra-high net worth individuals, startups and individual ex-pats.