H Sessions
Tuesday, November 14,
9:45 - 10:35 a.m.
H1. Tax Traps for US Persons with Foreign Financial Assets: FBAR and Form 8938 Reporting Requirements
Speaker(s): Kathleen Emro, Alina Hagness
NASBA field of study: Taxes - Technical (1)
For U.S. persons (citizens, green card holders and U.S. tax residents) there is more to worry about than simply filing your tax return – especially since it is not uncommon for taxpayers to have financial accounts outside of their home country. Define the Foreign Bank Account Reporting (FBAR) and Form 8938 requirements. Explore the proper reporting of FBARs and Form 8938, and other issues for tax filers with international investments. Review penalties for noncompliance and options if you need to correct previous compliance issues. Build awareness of these reporting obligations and start asking clients about financial accounts held outside of the U.S. Reduce risk for both yourself and clients and leave with information you will be able to use right away.
H2. Cryptocurrency and NFTs: The New Frontier
Speaker(s): Susan Smith
NASBA field of study: Specialized Knowledge - Technical (1)
The growing popularity of cryptocurrencies and non-fungible tokens (NFTs) have revolutionized the financial landscape, introducing new challenges and opportunities for both individual taxpayers and businesses. As such, there are new opportunities to serve clients as a trusted adviser, providing accurate and comprehensive advice. Grow your knowledge and skills needed to understand the fundamentals of NFTs and cryptocurrencies. Examine the evolving cryptocurrency landscape, assess the tax implications of crypto/NFT-related transactions and understand the reporting and compliance implications. Be better prepared to engage with and advise clients who use digital asset transactions.
H3. New AICPA Tax Ethics Rules
Speaker(s): Mark Sellner
NASBA field of study: Regulatory Ethics - Technical (1)
Good tax ethics support a good tax practice. Review the AICPA update to the Statements on Standards for Tax Services (SSTS) going into effect on Jan. 1, 2024. Discuss how to manage your tax function, apply IRS Treasury Circular 230 rules and apply the SSTS. Learn how to implement data protection, client representation guidelines and a tax quality control system.
H4. Young Professionals 1040 Case Study (Part 2)
Speaker(s): J. Patrick Garverick
NASBA field of study: Taxes - Technical (1)
Continue examining the basics of individual taxation, including ordinary versus long-term capital gain tax rates, loss limitations, passive activities and the QBI deduction while reviewing and discussing a completed Form 1040. Also, work through how the Form 1120S Schedule K-1 and Form 1065 Schedule K-1 amounts are reported on the Form 1040 related schedules. This is an interactive session with open discussion and answers to your questions. This session is part of the TAX23 Young Professionals Track.