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Course Details

The New And Enhanced FBAR And FATCA Requirements

Webinar: ID# 1021656
Recorded CD
Qty:
The New And Enhanced FBAR And FATCA Requirements
About This Course:
This webinar will provide a general overview of the latest changes that have been made to FATCA and FBAR rules.

We will help you answer questions such as who is required to file Form 8938, Statement of Specified Foreign Financial Assets, what assets must be disclosed and what are the penalties for noncompliance, what is an FBAR form, how does it differ from Form 8938 form, and what are the penalties for noncompliance?

In addition, this course will cover important details regarding FATCA reporting obligations for foreign banks, the current status of FATCA implementation, and implications for U.S. taxpayers with foreign accounts.

Agenda

Foreign Bank Account Reporting (FBAR/FinCEN 114)
  • Who Is Required to File
  • What Information Is Required to Be Included in FBAR
  • Procedural Aspects of Filing Requirement
  • Penalties for Noncompliance
FATCA Reporting by Taxpayers (Form 8938)
  • Who Is Required to File
  • What Information Is Required to Be Included in Form 8938
  • Procedural Aspects of Filing Requirement
  • New Filing Requirements for Certain Domestic Entities
  • Penalties for Noncompliance
FATCA Reporting by Foreign Financial Institutions
  • Background and Introduction to FATCA
  • What Foreign Banks Are Required to Report
  • How the IRS Will Make Use of Information That Is Reported
IRS/DOJ Enforcement Update
  • Criminal Enforcement Activity
  • Civil Enforcement Activity and Audits
  • Options for Noncompliant Taxpayers
  • OVDP
  • Streamlined Filing Compliance Procedures
  • Other Options
About The Presenters

Stephanie C. Chomentowski
  • Partner in the Philadelphia office of Blank Rome LLP
  • Focuses litigation practice on white collar criminal defense, business and intellectual property disputes, and complex civil litigation
  • Represented corporations and individuals in criminal investigations and prosecutions, and is experienced with all aspects of state and federal litigation, including discovery, negotiating settlements, trial, and appeals
  • Selected as one of Pennsylvania’s “Rising Stars” in 2010, 2011, and 2013
  • Author of 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 (FBAR) obligations and the Foreign Account Tax Compliance Act (FATCA)
  • J.D. degree, Temple University Beasley School of Law; B.S. degree, Pennsylvania State University
Matthew D. Lee
  • 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
  • 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
Jeffrey M. Rosenfeld
  • 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
  • J.D. degree, University of Pennsylvania Law School; L.L.M. degree, New York University School of Law; B.S. degree, Yeshiva University
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The New And Enhanced FBAR And FATCA Requirements
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