New And Enhanced FBAR And FATCA Reporting Requirements
|Date / Time:
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
Cannot Attend The Live Presentation?
This presentation is also available in a recorded format, in CD version, as shown in the pricing options below.
|About Webcasts / Audio Conferences / Podcasts:|
Webcasts, audio conferences, and podcasts are presentations that you
attend via the Internet, phone, or mobile device at a specified date and time for "live" versions, or at your convenience for "recorded" and "On-Demand" versions.
versions are interactive, meaning that participants can ask questions in real time, plus are a very cost-effective form of training because 1) you receive fast, convenient learning without
any out-of-office time; 2) you can invite as many colleagues as you'd like to listen in on a single phone line; 3) you incur no travel expenses; and 4) you and your colleagues are back
at work immediately after the session ends!
And though with recorded versions you do lose the ability to ask questions, you gain the ability to hear the presentation numerous
times and to share it with others in your office.
Handout materials and the phone number for live presentations are made available to you prior to the event via email from the
presenter and from the "MyAccount" link on the menu bar. Copies of the presentations are included with recorded versions.
|About The Provider:
||Lorman Education Services has provided educational seminars and online training for professionals since 1987.
Since then, we've kept thousands of professionals in the United States and internationally current on the most pressing topics in a rapidly changing marketplace of ideas. Like you, we understand the need for concise, accurate information.
That understanding underlies each Lorman course, presenting the latest information on the laws and regulations critical to your organization's successful daily operations.
Moreover, each course receives our painstaking attention to be certain both the faculty and participants receive the individual attention necessary to achieve maximum benefit from the materials.
||Contact Us For More Information
||Share on Facebook
Share on Twitter
Share on Google+
Letters of Credit
ACH Exception Processing
Key Ratio Analysis: Calculating and Interpreting the Numbers Correctly!
Deposit Analysis For Today′s Environment
Bank Call Report Preparation for Beginners
Call Reports: RC-C Loan Coding and Related RC-R Reporting
Safe Deposit Box "Danger Zones"
Controlling the Risks of Power of Attorney Documents
Certified Regulatory Vendor Program Manager
Reg E Compliance – Five Best Practices for Handling Disputes
Basic Bankruptcy for Bankers
Flood Insurance Compliance Hot Spots
Opening New Accounts: Trust, Fiduciary and Minor Accounts
Opening New Accounts: Business Accounts
Limited Liability Companies: Do′s and Don′ts
Regulation CC - Check Holds