Webinar Review: A Brave New World For U.S. Taxpayers With Foreign Assets: Navigating The New And Enhanced Fbar And Fatca
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- 1.
What is required to be reported on the FBAR form?
- A.
Foreign bank accounts
- B.
Foreign bank accounts
- C.
Domestic mutual funds
- D.
Foreign rental income
Correct Answer
A. Foreign bank accounts -
- 2.
What is the due date for the new FinCEN 114 form?
- A.
April 15
- B.
March 15
- C.
June 30
- D.
Depends on the type of taxpayer
Correct Answer
C. June 30 -
- 3.
Which taxpayers are required to file the new FinCEN 114 form?
- A.
Individuals
- B.
Corporations
- C.
Trusts
- D.
All of the above
Correct Answer
D. All of the above -
- 4.
What is reported on the Form 8938?
- A.
Specified foreign financial assets held by individuals
- B.
U.S. real estate holdings
- C.
Domestic income from trade or business
- D.
Portfolio interest
Correct Answer
A. Specified foreign financial assets held by individuals -
- 5.
How many years of amended returns are required by the Offshore Voluntary Disclosure Program (OVDP)?
- A.
None
- B.
Depends on type of taxpayer
- C.
8 years
- D.
3 years
Correct Answer
C. 8 years -
- 6.
What is the current FBAR penalty amount in the OVDP?
- A.
20 percent
- B.
25 percent
- C.
Anywhere from 5 to 25 percent
- D.
27.5 percent
Correct Answer
D. 27.5 percent -
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Oct 06, 2015Quiz Edited by
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