Investment and Pass-Through Income Reporting Requirements (Including FBAR and FATCA) – 2017 Law – Course Manual Only

Reporting requirements for interest and dividend income have increased in complexity in recent years with significant changes to Forms 1099-INT, 1099-DIV and new foreign financial reporting procedures.

Topics Covered

  • Discussion of the different interest income types and their tax treatment including: ordinary, U.S. government bonds, tax exempt, OID, and distributable share of interest income from a partnership, S corporation or trust
  • Rules relating to reporting dividend income
  • Analysis of Schedule B Interest and Ordinary Dividends
  • Nominee distributions of interest and dividend income
  • Reporting requirements for foreign investment accounts
  • Preparation of FinCEN Form 114 Report of Foreign Bank and Financial Accounts
  • Offshore voluntary disclosure program
  • Preparation of Form 14654 Certification by U.S. Person Residing in the United States for Streamlined Domestic Offshore Procedures
  • Foreign Account for Tax Compliance Act (FATCA)
  • Preparation of Form 8938, Statement of Specified Foreign Financial Accounts
  • Procedures for persons who own Canadian retirement accounts
  • Pass-through income reported on Form K-1

By the conclusion of this course, you should be able to:

  • Identify where and how to report interest and dividend income
  • Describe filing requirements for Schedule B, Interest and Ordinary Dividends
  • Distinguish between FBAR and FATCA reporting requirements with respect to overseas investments
  • Complete Form 8938 Statement of Specified Foreign Financial Assets
  • Complete Form FinCEN 114 Report of Foreign Bank and Financial Accounts
  • Describe requirements for the Offshore Voluntary Disclosure Program with respect to undisclosed foreign financial assets
  • Complete Form 14654 Certification by U.S. Person Residing in the United States for Streamlined Domestic Offshore Procedures
  • Interpret income and deduction items shown on a Schedules K-1 issued by a partnership, s-corporation or fiduciary flier
  • Complete Schedule E Page 2, to report pass-through income reported on Schedule K-1

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Section 8.1

Course Manual Only

Course Type:

CPE Tax

Term:

2017 Tax Law

Registration Status:

Registration Open
Ends: Thursday, August 15th, 2019 11:59 PM (PDT)

Course Status

Available
Started: Wednesday, August 15, 2018 11:59 PM (PDT)
Ended: Saturday, August 15th, 2020 11:59 PM (PDT)

Course Length:

0 Hours

Course Fees:

Course Materials $3.99
Total $3.99

Course Credits:   0

No CE is awarded with the purchase of this manual. You must enroll in and complete the full version of this course to received CE.

Field of Study

Taxes

Program Level

Intermediate

Prerequisite

Basic tax knowledge

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Pacific Northwest Tax School's course materials and teaching techniques are valuable proprietary information of Pacific Northwest Tax School, and all such information is subject to copyright, including written, recorded, internet based as well as all other electronic media. Each Student agrees that she/he will use the information only for purposes of education and training; and as a condition of enrollment, that they will not disseminate the information to any third party and will treat the materials as confidential information of Pacific Northwest Tax School. As a condition of enrollment, Students pledge not use any information in any competitive fashion, including to create or derive competitive materials. Students further agree that any breach of these terms and conditions shall cause the school irreparable harm, entitling Pacific Northwest Tax School to injunctive relief, as well as any other remedy that may be available at law or equity. Students taking continuing education courses shall have twelve months from date of enrollment to successfully complete the course and receive their Certificate of Completion.  Students taking the federal only portion or the Oregon 80 Hour Basic Tax Course students have nine months from the date of enrollment to sucessfully complete the course.

Basic Tax Law

Students taking any Basic Tax Law course, agree to comply with all Terms of Enrollment outlined the enrollment agreement form for that course, a link to which can be found on the catalog page for each Basic Tax course.

Prerequisites & Advance Preparation

Students intending to write the Oregon State Tax Exam, must be at least 18 years of age, and have High School Diploma or GED. Students using our self-paced internet based program should prepare for classes by downloading and printing course materials. For more information including detailed course descriptions and learning objectives, view the details of each course, located on Pacific Northwest Tax School's catalog pages at: https://www.pnwtaxschool.com/list-of-all-courses/

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Disclaimer

Manuals distributed and programs sponsored by Pacific Northwest Tax School are designed to teach application of tax laws. Pacific Northwest Tax School works to provide accurate and timely material to students, however the school does not have any responsibility if human and/or mechanical error exists.  Accordingly, no assurance is given by Pacific Northwest Tax School that such information is totally comprehensive or accurate in its coverage of such subject matter. Information published or sponsored by Pacific Northwest Tax School should not be relied upon as a substitute for independent research to original sources of authority such as the Internal Revenue Code, IRS Publications and Internal Revenue Rulings. Pacific Northwest Tax School, its authors, and instructors do not render legal, accounting, or other non-educational professional advice. If legal advice or other expert assistance is required, the services of a competent professional should be sought.  Credit hours are subject to change without notice.

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