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2023-2024 FEDERAL TAX UPDATES FOR INDIVIDUALS: IRS PROCEDURE & LEGISLATION
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ROADMAP TO 1099 REPORTING
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2023-2024 FEDERAL TAX UPDATES FOR BUSINESSES: IRS PROCEDURE & LEGISLATION
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TAX GAP REDUCTION WITH PROPER 1099 REPORTING
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MASTERING IRS REPRESENTATION: TAX SEASON MISTAKES THAT CREATE IRS ENFORCEMENT
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1099 MISCLASSIFICATION ISSUES FOR INDEPENDENT CONTRACTORS AND GIG WORKERS
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ESOP OVERVIEW FOR OWNERS, CFOs & CPAs
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2024 FILING SEASON CHANGES FOR 1099 REPORTING
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UNDERSTANDING PARTNERSHIP TAXATION: DISTRIBUTIONS
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THE CHOICE BETWEEN IRS FORM 1040 SCHEDULES C AND E
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Free cpece webinars
Handling an International Tax Assessment: Form 3520

HANDLING AN INTERNATIONAL TAX ASSESSMENT: FORM 3520

Available Date(s)
Friday, November 15, 2024: 10:00AM EST

Cost Free
CPE Credits 1.0 hour
Subject Area 1.0 - Taxes (Federal Tax)
CE Credits 1.0 hour
Course Id# - HURS9-T-01212-22-O
Course Level Basic
Instructional Method Group Internet Based
Prerequisites None
Advanced Preparation None
Course Description

The Internal Revenue Service has become increasingly aggressive in penalty assessments against taxpayers failing to file required international information forms. Outside the FBAR, the largest information return exposures (as to financial penalties) come from failures to file Forms 3520. 

This program will give detailed background on circumstances where the form is required, as well as cover applicable penalties. We'll then analyze how to best approach penalty mitigation/elimination for clients' assessed penalties.

Learning Objectives: 


  • Recognize the circumstances in which the form is required

  • Determine the applicable penalties

  • Evaluate how to best approach penalty mitigation/elimination for clients' assessed penalties

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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 a partner at a large law firm, a midsized accounting firm, and a boutique tax law firm, Patrick’s client exposures have covered every conceivable area of American-side international tax matters. Patrick has also represented every type of taxpayer – from multibillion-dollar business enterprises and ultra-high net worth individuals to startups and individuals with complex questions but limited budgets.

Mr. McCormick has worked with clients located in over 90 countries on American tax considerations of multinational activities, cultivating specialized knowledge in every area of United States international tax rules. His explicit practice focus has facilitated an unparalleled expertise in the field; Patrick is trusted by clients and advisors around the world to obtain optimal results on international tax matters.

Mr. McCormick is a primary and prolific authority on tax matters. He has spoken on all aspects of international tax to hundreds of thousands of attendees around the globe, functioning as the primary international tax resource for national organizations including CPAacademy.org, Strafford, Lawline, and Leimberg Information Services. Patrick has presented for the American Bar Association, the American Immigration Law Association, and state and local bar associations around the United States. He is a regular contributor to America’s premier tax law publications, including Tax Notes, Journal of Taxation, Tax Notes International, Law360, and Practical Tax Lawyer.

Mr. McCormick published his first treatise on international tax matters, Allocation and Apportionment Rules Under Secs. 861-865, for Thomson Reuters’ Catalyst platform, in October 2021. In late 2021, he also released a 15-hour digital course entirely dedicated to nonresident taxation, United States Tax Considerations for Nonresident Taxpayers. Mr. McCormick has been named a Super Lawyers Rising Star from 2016-2022.
 

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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.

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Irs

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.

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Rimon is a highly selective entrepreneurial firm that combines the dynamic client service, teamwork, and agility of a high-end boutique law firm with the deep multidisciplinary experience of a large global firm. Our clients consistently receive exceptional representation across twelve countries and five continents, from our all-star team of corporate, litigation, tax, intellectual property, entertainment, and private client attorneys.

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Rimon's attorneys come with decades of experience before even joining Rimon. Rimon's attorneys were meticulously drawn from the top ranks of premier law firms, international corporations, and academia. They hold JDs, PhDs, LLMs, and MBAs from the best universities in the United States and abroad. They have worked on multi-billion dollar deals, have won bet-the-company litigation, and have run universities. Their experience and education ensure our clients receive consistently excellent and comprehensive counsel.