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Reporting Foreign Assets

This course will introduce participants to the theory behind filing Form 114 for reporting foreign bank and financial accounts under the Bank Secrecy Act as well as Form 8938 to report certain specified foreign financial assets under the Foreign Account Tax Compliance Act.

Learning Objectives

After completing this course, Reporting Foreign Assets, participants will be able to:

  1. List the criteria for reporting foreign bank and financial accounts and /or statements of foreign financial assets.
  2. Identify taxpayers who need to, and those who need NOT file these forms ;
  3. Define the various reportable foreign assets, and how they needed to reported;
  4. Differentiate between Form 114 and Form 8938;
  5. Describe how to file FinCEN Form 114 and Form 8938; and
  6. State the penalties applicable in case of non-compliance.

Course Guidelines

  • The self-study format allows you to access the material online 24/7 and study at your own pace
  • All Self-Study courses are to be completed, and the final exam submitted, within 1 year from the date of purchase as shown on your invoice. No extensions will be allowed.
  • To obtain CE credit, the participant must obtain a passing score of at least 70%.  Test takers will not be provided feedback on incorrect answers
  • Complete your final exam at any time and get graded instantly. You can retake the exam up to three times at no additional charge.
  • Upon passing the exam, you will be able to print your own certificate of completion.


 This course material deals with complex matters and may not apply to particular facts and circumstances.  As well, the material contained reflects laws and practices which are subject to change.  For these reasons, the course material should not be relied upon as a substitute for specialized professional advice