class for foreign assets

[Kea]

I'm about to prepare my first FBAR this month. I would like to take some kind of class / training in the next week or so that covers FBAR, 3520, 3520A and 8938. Do any of the online classes offer a chance to ask questions? Checking the internet, I see an online programs from CPE Credit and Client Whys. I've never taken an online class or webinar (although I do plan to take the NATP webinar next week on 1041 and final returns).

Anybody know if either of these classes is any good? Or, if there is a better choice?

Thanks

[kcjenkins]

The NATP programs have always been good in the past. Many of the online classes do offer the ability to ask questions, They are a good option when you can not afford, whether it's money or time, to attend in person. These days, the options are usually interactive, and often the presenters are better than you would ever get at the typical in-person event.

http://230hotspots.blogspot.com/2012/04/important-fbar-and-international-tax.html

http://www.nysscpa.org/epass/Meetings/Meeting.aspx?ID=21745

http://www.trainup.com/TrainingDetails/185002/Enhanced-Foreign-Asset-Reporting-Rules-for-2011-An-Update-on-FBAR-and-FATCA-Requirements

[joanmcq]

For liability reasons, I do not ever prepare the FBAR. I'll inform the client of the necessity of the form, review to see that the stuff is in the right place and instruct on the necessity of it, but I do not want to be responsible for the account values or number of accounts, or god forbid, missing an account.

The FBAR is not a tax form and is not part of the return.

[kcjenkins]

Good points, Joan.

[Kea]

Thanks for the class links KC. I'll look through them.

That is a good point about the liability, but I already agreed to prepare the FBAR. I will make sure to have to client sign off that I prepared the document per their data.

He is fully aware that I have never prepared this form before. In this case, I'm pretty sure he's not hiding anything. He sent the wire transfer info with the rest of the tax info in February -- before I asked any questions about foreign accounts or assets.

I did buy the online class from CPECredit . com. I guess it was OK. Good examples of 2555 and FBAR. However there was only a very general discussion of 3520 & 3520A, including when to use & the forms, but not instructions (like they included with the other forms). It did helpfully tell me that Form 3520 is difficult and not included in most software. Oh well.

[JohnH]

I'm with Joan.

No way I'd prepare one.

I do have a couple of clients who have to file it - I give them the form and instructions but that's all I will do.

You could always tell the client that after looking it over and even investing in a course, you've come to the realization that:

1) it's not a tax form;

2) the liablity is just too great

3) the form is fairly simple so he shoudl have no trouble filing in the blanks and mailing it.

4) So you will give him the paperwork (at no charge) and he can fill it out.

If he isn't willing to provide the simple info on the FBAR and accept total responsibility for it, that alone should be a red flag. Theres no amount of CYA paperwork you can have him sign that will get you off the hook. If he gets stuck with a penalty for any reason, you can be sure he's going to be looking for someone to blame. Even if he takes his business somewhere else, you are still better off refusing to prepare this form.

[kcjenkins]

Interesting fact is that ATX does have those forms included. But I'm with those who give them to the client to self prepare, because the rules on those are really crazy in the amount of responsibility they put on the preparer. It's not possible to charge enough to cover your personal liability if the client, even if a good and honest person, overlooks something that should have been included.

[Kea]

Client has opted to file FBAR himself (YAY!!). But he did have one question I wasn't 100% sure of. His account in 2011 was in his name only. He added his wife's name to the account in May 2012. I'm ASSUMING (as dangerous as that is - especially regarding FBAR) that since it was a separate account for all of 2011, that it should be reported as separate.

Is there any reason it should be reported as held jointly on a 2011 filing if not joint until 2012?

Which also opens up the question for next year. Will he report it as both separate (first part of year) and joint (last part of year) on the 2012 form?

Thanks