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.

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.

In this webinar 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.

AGENDA

Overview of FBAR and FATCA Rules

FATCA Foreign Asset Reporting Rules

• 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

Update on FBAR Reporting Requirements

• 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

FATCA Information Reporting Obligations for Foreign Banks

• 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

Update on IRS/DOJ Enforcement Activity

• Criminal Enforcement of FBAR Reporting Requirements
  
• Civil Enforcement/FBAR Audits
  
• The Likely Future of Enforcement Activity

About The Presenters

Matthew D. Lee

• 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 2017 (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