New And Enhanced FBAR And FATCA Reporting Requirements
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For the past four years, much attention has been focused on offshore bank accounts and the obligation of U.S. taxpayers to report such accounts on the much-heralded Report of Foreign Bank and Financial Accounts or "FBAR" form.FATCA Foreign Asset Reporting Rules
The FBAR rules require taxpayers to annually report whether they have a financial interest in, or signature or other authority over, foreign bank accounts, and impose substantial civil and criminal penalties for failing to do so.
On the heels of the U.S. government's global crackdown on the use of secret foreign bank accounts, the Internal Revenue Service has imposed additional reporting requirements that obligates U.S. taxpayers to annually disclose specified foreign financial assets when they file their personal income tax returns for 2011 and thereafter.
The new foreign asset reporting rules, which are part of the Foreign Account Tax Compliance Act (FATCA), signal a new era in foreign asset reporting by U.S. taxpayers, and significantly expand the disclosure requirements in scope and type well beyond what was previously required to be reported on the FBAR form.
In addition, the information reporting requirements of FATCA will require foreign banks and financial institutions to annually disclose to the IRS information about their U.S. depositors, and this new law will have significant consequences for noncompliant U.S. taxpayers.
This live webinar will explore the new FATCA foreign asset reporting rules, provide an update on the existing FBAR reporting regime for foreign bank accounts, address the FATCA information reporting regime for foreign banks, and discuss the U.S. government's enforcement efforts (both criminal and civil) in this area and the likely direction of future enforcement activity.
Overview of FBAR and FATCA Rules
Update on FBAR Reporting Requirements
- Internal Revenue Code Section 6038D
- IRS Form 8938 and Instructions
- Who Is Required to File Form 8938?
- What Foreign Assets Are Required to Be Reported?
- Penalties for Nonfiling
FATCA Information Reporting Obligations for Foreign Banks
- Who Is Required to File an FBAR?
- What Is Required to Be Reported on an FBAR?
- Comparison of Form 8938 and FBAR Filing Requirements
- Penalties for Nonfiling
Update on IRS/DOJ Enforcement Activity
- Background on FATCA Law and Regulations and Timetable for FATCA Implementation
- Obligations of Foreign Financial Institutions (FFIs)
- Status of Intergovernmental Agreements
- Implications for U.S. Taxpayers With Foreign Bank Accounts
FacultyMatthew D. Lee
- Criminal Enforcement of FBAR Reporting Requirements
- Civil Enforcement/FBAR Audits
- The Likely Future of Enforcement Activity
Jeffrey M. Rosenfeld
- Partner in the Philadelphia office of Blank Rome LLP
- Former U.S. Department of Justice trial attorney
- Practice emphasizes all aspects of white collar criminal defense and federal tax controversies
- Advises clients on FATCA and FBAR reporting requirements and IRS voluntary disclosure programs
- Counsels foreign banks on FATCA compliance issues
- Frequent speaker and writer on issues relating to the IRS voluntary disclosure programs, DOJ/IRS enforcement efforts regarding undeclared foreign bank accounts, and FBAR and FATCA rules and regulations
- Member of the Pennsylvania, New York, New Jersey and District of Columbia Bars
- J.D. degree, Emory University School of Law; B.A. degree, Furman University
- Attorney in the Philadelphia office of Blank Rome LLP
- Concentrates his practice in the area of business tax law
- Counsels public and private corporations, partnerships, and individuals in a broad array of tax matters including domestic and international tax matters; state and local tax planning; tax-efficient structuring of domestic and international mergers, acquisitions, divestitures; reorganizations, spin-offs, redemptions and liquidations; formation, operation and acquisition of Subchapter S Corporations, partnerships and limited liability companies; federal, state, and local criminal and civil tax controversies, including audits, administrative appeals, and litigation; and issuances of equity-based compensation
- Counsels corporate clients and individuals regarding undeclared foreign bank accounts, including FBAR reporting obligations, and has represented numerous clients in the Internal Revenue Service's Offshore Voluntary Disclosure Program
- Frequently writes on issues related to the FBAR and FATCA rules and regulations and international tax compliance issues
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