LATEST UPDATES ON FBAR AND FATCA OBLIGATIONS FOR INDIVIDUALS AND ENTITIES (COVID-19)

4.7 (1122)

Matthew Lee, JD

Fox Rothschild LLP

Friday, February 26, 2021 | 02:30 PM EST

  • AFSP
  • CPA
  • CVA
  • EA
  • Tax Pros
  • CTEC
  • CFE

1.5 CPE | 1 CE

FREE

Subject Area

Taxes

Webinar Qualifies For

1.5 CPE credit for Certified Fraud Examiners (CFEs)

1.5 CPE credit of Taxes for all CPAs

1.5 CPD credit (Verifiable) for CPA/PFS

1.5 CPD credit (Verifiable) for Certified Valuation Analyst (CVA)

1 CE credit of Federal Tax Update for Enrolled Agents ( IRS Approved : GEHNZ )

1 CE credit of Federal Tax Law Update for California Tax Professionals (CTEC Approved-6273)

1 CE credit of Federal Tax for Maryland Tax Preparers

1 CE credit of Annual Filing Season program (AFSP)( IRS Approved : GEHNZ )

1 CE credit of Federal Tax Update for Oregon Tax Preparers

1.5 General Educational credit for Tax Professionals / Bookkeepers / Accountants

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Course Description

LATEST WEBINAR ON FBAR & FATCA UPDATES

For much of the past decade, the Internal Revenue Service has focused significant attention on offshore bank accounts and the obligation of U.S. taxpayers to report such accounts on the FBAR (Report of Foreign Bank and Financial Accounts) 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. 

In addition, the Foreign Account Tax Compliance Act (FATCA) now requires individuals and certain entities to annually disclose specified foreign financial assets on Form 8938. The information reporting requirements of FATCA also require foreign banks and financial institutions to annually disclose to the IRS information about their U.S. customers. The IRS now has access to far more information regarding the offshore activities of U.S. taxpayers than ever, and non-compliant U.S. taxpayers face significant risks.

Major Topics Covered : 

  • Obligation to Report Worldwide Income
  • The Carrot: Voluntary Disclosure Programs
  • Criminal Enforcement Efforts Against Individuals
  • Criminal Enforcement Actions Against Banks
  • Swiss Bank Program
  • United States v. Dusko Bruer
  • International Audit Campaigns
  • Civil Enforcement Efforts
  • Foreign Bank Accounting Reporting
  • Who is required to file an FBAR?
  • FBAR Penalties for Non-Compliance
Webinar attendees will review the FBAR reporting regime for foreign bank accounts, explore the relatively new FATCA foreign asset reporting rules, learn of IRS enforcement efforts in this area, and study options for curing non-compliance. All CPAs, Accountants, Tax Professionals helping or advising clients or companies on International Taxes shall attend this insightful 1 hour free webinar with full or case studies and examples  from Expert Tax Attorney Mattew D. Lee

Learning Objectives

  • To identify the new FATCA foreign asset reporting rules
  • To identify the updates to the existing FBAR reporting regime for foreign bank accounts
  • To recall the FATCA information reporting regime for foreign banks
  • To recall penalties for non-compliance of this information reporting rules

Who Should Attend?

  • Enrolled Agent
  • Tax Attorney
  • Tax Practitioners
  • Accountant
  • CFO/Controller
  • CPA - Small Firm
  • CPA - Mid Size Firm
  • CPA - Large Firm
  • Accounting Firm
  • Tax Pros
  • CPA (Industry)
  • Tax Firm
  • Young CPA
  • CPA in Business
  • Entrepreneurial CPA
  • Outsourced CFO
  • Tax Accountant (Industry)
  • Tax Director (Industry)
  • Accounting Practice Owners
  • Senior Accountant
  • Tax Managers
  • Tax Preparer
  • Staff of Accounting Firm

Testimonial

4.7

(1122)
71%
24%
4%
0%
0%

CD

The webinar on FBAR and FATCA Reporting was very useful to deal with my clients and clear their questions. The interesting part for me was the options available for undisclosed foreign assets - The Streamline Filing Procedure and OVDP.

RF

This is a very important subject, the more you know and update yourself on this topic the better well equipped you are when assisting clients. The penalties of under-disclosures are steep, as a Tax Pro due diligence is a requirement. Today's topic touched some penalties information which was very important to learn.

JZ

Matt did a great job walking us through a complex reporting requirement. I have a number of clients subject to these requirements and this information will help me prepare their returns more completely now.

CB

Excellent presentation. Would enjoy an intermediate course, delving deeper into the complexities of the FBAR and FATC, perhaps with examples.Superb. The webinar was very informative and useful for all accountants.

SJ

Today's topic touched some penalties information which was very important to learn. This is an excellent course and I recommend all tax preparers take this class to learn the rules. There are a lot of clients that do have bank accounts outside the US.

GD

Matt did a great job walking us through a complex reporting requirement. I have a number of clients subject to these requirements and this information will help me prepare their returns more completely now.