New And Enhanced FBAR And FATCA Reporting Requirements
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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.
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. 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 has significant consequences for noncompliant U.S. taxpayers.
You will explore the new FATCA foreign asset reporting rules, be provided with 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.
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
About The Presenters
- Criminal Enforcement of FBAR Reporting Requirements
- Civil Enforcement/FBAR Audits
- The Likely Future of Enforcement Activity
Stephanie C. Chomentowski
Matthew D. Lee
- Partner in the Philadelphia office of Blank Rome LLP
- Focuses litigation practice on complex commercial litigation, white collar criminal defense, and business and intellectual property disputes
- Represented corporations and individuals in criminal investigations and prosecutions, and is experienced with all aspects of state and federal civil litigation, including discovery, negotiating settlements, trial, and appeals
- Selected as one of Pennsylvania’s “Rising Stars” in 2010, 2011, and 2013 through 2016
- Author for Tax Controversy Watch, which regularly publishes on criminal tax investigations, civil audits, Tax Court and district court litigation, and other legal developments, such as foreign bank account reporting obligations and the Foreign Account Tax Compliance Act
- J.D. degree, Temple University Beasley School of Law; B.S. degree, civil engineering, Pennsylvania State University
- Partner in the Philadelphia office of Fox Rothschild 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
- Author of The Foreign Account Tax Compliance Act Answer Book 2015 (Practising Law Institute)
- 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
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