Strategies for Compliance and Avoiding Penalties
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.
It will provide an in-depth examination of the overall framework and rules surrounding 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 Online CPE/CE 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. “non-willful” FBAR violation. A non-willful failure to file means that a person didn’t know, or reasonably couldn’t be expected to know, that they were required to file an FBAR. On 28 February 2023, the US Supreme Court held that the USD 10,000 penalty for non-willful failure to file an FBAR applies per form, not per account.
These critical concepts that are required in making the decision on how to proceed and providing your client with a sound recommendation as to how to regain FBAR compliance are covered in this CE/CPE webinar.
Major topics included:
, 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
Course Level
Credits
Instructional Method
Pre-requisites
Advance Preparation
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.
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.
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.
209 Ratings
ED
May 31st, 2023
This course was a good overview of the FBAR. It discussed the FBAR filing requirements and some of the unique situations that may arise. The course also explained the penalties for not Filing the FBAR and provided some options to get into compliance.
JD
Jun 15th, 2022
The course contains pertinent, practical and actionable information and advice for filing FBARs. The instructor is among the best of all that I've seen on myCPE.com. Overall, an excellent course.
ST
Nov 15th, 2022
myCPE platform is wonderfully easy to access and use, highly recommend it! There are many topics to choose from as well.
DH
May 16th, 2023
I don't normally deal with many FBAR customers, but this course really brought me up to speed on the whole process.
JC
Nov 16th, 2022
The speaker was incredibly knowledgeable and cleared up some things I needed clarified when preparing FBAR forms.
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