Everything You Need to Know About Report of Foreign Bank and Financial Accounts (FBAR)

Course Description
Course Qualification
Presenter
FAQ

Course Description

Understanding FBAR matters can create a whole new line of business for tax advisors, enrolled agents, and return preparers seeking to expand their US tax practice. Don’t lose potential clients because you do not fully understand FBAR. FBAR matters have grown in importance ever since 2007 with the tax evasion scandal surrounding UBS and the whistleblower Bradley Birkenfeld who helped scores of Americans hide from the taxman with secret offshore accounts. The IRS is aggressively seeking FBAR penalties and many cases are getting to the courts. Tax professionals need to understand FBAR matters now more than ever and this CPE course provides all that you need.

This course will provide an in-depth examination of the overall framework and rules surrounding the FBAR. A major problem faced by practitioners is the fact that official FBAR information is not comprehensive. Some guidance is issued by the Financial Crimes Enforcement Network (FinCEN), while another guidance is issued by the Internal Revenue Service (IRS); the courts have been called in to interpret the statutory terms.

This CPE Tax course neatly summarizes the numerous and different sources of guidance starting with the Bank Secrecy Act and its implementing regulations, moving on to the FBAR instructions and IRS guidance. Court cases are examined so professionals can obtain a clear and concise understanding of what is meant by a “willful” v. “nonwillful” FBAR violations or if a taxpayer had “reasonable cause” for the FBAR noncompliance. These are critical concepts required in making the decision how to proceed and providing your client with a sound recommendation as to how to regain FBAR compliance.

Learning Objectives

Learn what the FBAR is and what it is not (for example, it does not mean FATCA or that tax is due) but failing to file it correctly can mean steep penalties.
Learn who must file the FBAR, when it must be filed, and which financial accounts must be reported on this form (many surprises await you).
Learn the meaning of core terms such as who is a “US person” having a “financial interest in” or “signature authority over” a “foreign financial account”.
Learn what FBAR requires when it comes to joint accounts when parties have joint signature authority or hold powers of attorney.
Learn the rules for FBAR filing when an individual is treated as having a “financial interest” in foreign accounts owned by foreign entities (e.g., a foreign corporation, trust, or partnership) with which the individual has some kind of relationship. Understand the exceptions and how to use them.
Learn how to calculate the filing threshold and report the maximum values for FBAR purposes.
Learn how to address unique situations such as FBAR issues arising for children, and with NRA and US spouses, community property jurisdictions, and the issues raised with community property.
Learn about the FBAR penalties and how to try to get them abated. Learn the current IRS procedures for regaining FBAR compliance, correcting for delinquent or improperly completed FBARs. Learn how to critically analyze real-world cases.

Recommended For

This IRS-Approved CE course is recommended for CPAs, EAs, AFSPs, Bank Managers, Compliance Officers, Information Reporting Officers, Tax Managers, CFOs, Controllers, Accounting Managers, Auditors, Compliance Managers, and Risk Managers who want to know everything about reporting of Foreign Bank and Financial Accounts (FBAR).

Who Should Attend?

Annual Filing Season Program
Bookkeepers & Accountants & Tax Preparers
California Registered Tax Professional
Certified Public Accountant (CPA)
CPA (Industry)
CPA - Large Firm
CPA - Mid Size Firm
CPA - Small Firm
Enrolled Agent
Maryland Tax Preparers
Oregon Tax Preparers
Tax Professionals
Young CPA

Course Qualification

Webinar Qualifies For

1.5 General Credit for Accountant/Bookkeeper (ACCT./BK)
1.5 CE Credit for Annual Filing Season Program (AFSP)
1 CE Credit of Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0929)
1.5 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
1 CE Credit of Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-01109-22-O)
1 CE Credit of Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-01109-22-O)
1 CE Credit of Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-01109-22-O)
1.5 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
1.5 CE Credit for Certified Wealth Strategist (CWS)

Additional details

Course Level :

Basic
Credits :

1.5
Instructional Method :

Group Internet Based
Pre-requisites :

None
Advance Preparation :

None

IRS APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

CTEC APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

Presenter

About Presenter

Virginia La Torre Jeker, J.D.

Owner, US-Tax.Org

With over 35 years of US tax and international experience, Virginia has been a member of the NYS Bar since 1984. Practicing US tax overseas since 1986, Virginia’s practice has focused on clients in Asia and the Middle East. She provides expert insight into tax planning and compliance for American expats and foreign persons having any US connections.

Virginia has an expertise in cross-border transactions and structuring, FATCA, regaining US tax compliance with previously unreported foreign income, assets or accounts, expatriation tax planning, and providing specialist advice for international families in numerous areas of US international tax. Working with tax and attorney colleagues across the globe, Virginia excels in solving cross-border and multi-jurisdictional tax matters and has developed a unique and sought-after specialty in analyzing the US tax consequences of transactions involving Sharia law and the use of UAE “foundations” in US tax planning.

Virginia’s tax advice is highly knowledgeable, reliable and solution-focused. Having assisted Asian and Middle Eastern families for decades, she appreciates the sensitive and special situations involved in multi-national families. Virginia has worked with international law and accounting firms (Deloitte), major banks (including HSBC), and trust companies. Early in her career she worked with the top-tier NY law firm, Willkie Farr & Gallagher.

Virginia is a Bloomberg tax author and an avid tax blogger for many years; her work is highly regarded and recognized internationally. Her Twitter Account @VLJeker has been listed in Forbes, Top 100 Must-Follow Tax Twitter Accounts and she is named by Bloomberg as a tax professional to follow on LinkedIn. Tax Notes International recognized Virginia as a preeminent US tax professional, profiling her international tax practice (here). Listen to a short podcast posted in Forbes to hear Virginia discuss how she established her tax practice abroad, the challenge of balancing family life with career, and recent international tax issues.

Virginia has been quoted in the New York Times, Newsweek and the Wall Street Journal and is regularly quoted in local news and publications. Virginia has a passion for US international tax and her contributions to the field are prolific: interviewed by CNN, local television appearances, regularly speaking at conferences and seminars, and publishing a vast array of scholarly works on US tax issues, some of which have been referenced by other attorneys or organizations both to the US courts and US Congress

Faq

FAQs content

To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
Continuing Education Credit Certificate is available to all eligible participants within 24 hours of each webinar.
You must attend complete live webinar and respond to all polling questions asked during the webinar. Credits would be issued on 50 minute credit hour basis.
Polling feature Not supported: If you are logging in through browser or web portal in the browser (zoom.us) it doesn’t support the polling feature. Please be advised the current polling feature can only be supported via Zoom desktop and mobile app. You can check the same here : https://support.zoom.us/hc/en-us/articles/203749865-Polling-for-webinars
This event may be a recorded rebroadcast of a live event done in past and the instructor will be available to answer your questions during/after the webinar.
If you still face the polling problem please don’t panic and provide your response in the chat and we shall consider the same for processing for credits. You can download Zoom by clicking on the mentioned link : https://zoom.us/download
Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
myCPE Courses are taken by : CPA | CMA | CFE | CIA | CPA(Yellow Book)| CFP | CFA | CPA (Govt.) | EA | CRTP | MRTP | ORTP | ABV | CITP | CVA | PFS | CFF and others.