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Course Details

A Brave New World for U.S. Taxpayers with Foreign Assets: The New and Enhanced FBAR and FATCA Requirements

Webinar: ID# 1011721
Recorded CD
Qty:
About This Course:
For the past three years, 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. On the heels of the U.S. government's global crackdown on the use of secret foreign bank accounts, the Internal Revenue Service has recently imposed additional reporting requirements that will obligate U.S. taxpayers to annually disclose specified foreign financial assets when they file their personal income tax returns for 2011 and thereafter. The new foreign asset reporting rules, which are part of the Foreign Account Tax Compliance Act (FATCA), signal a new era in foreign asset reporting by U.S. taxpayers, and significantly expand the disclosure requirements in scope and type well beyond what was previously required to be reported on the FBAR form. This live audio conference will explore the new FATCA foreign asset reporting rules, provide an update on the existing FBAR reporting regime for foreign bank accounts, and discuss the U.S. government's enforcement efforts (both criminal and civil) in this area and the likely direction of future enforcement activity.

Learning Objectives:

-You will be able to discuss the overview of FBAR and FATCA Rules.
-You will be able to review IRS Form 8938.
-You will be able to explain penalties for nonfiling.
-You will be able to define what foreign assets are required to be reported.

Agenda

    FATCA Foreign Asset Reporting Rules for 2011

    • Internal Revenue Code Section 6038D
    • New 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
    Update on IRS/DOJ Enforcement Activity

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

    Jennifer L. Bell

    • Associate in the New York office of Blank Rome LLP
    • Counsels public and private corporations, partnerships, tax-exempt organizations and individuals in aspects of United States and international tax law
    • Practice includes private equity transactions, financing arrangements, bankruptcy reorganizations and workouts, real estate transactions, tax-free reorganizations, and criminal and civil tax controversies
    • Advises corporate clients and individuals on FBAR and FATCA reporting requirements and represents clients in IRS voluntary disclosure programs
    • Frequent writer and speaker on issues related to FBAR and FATCA rules and regulations, international tax compliance issues and maritime tax
    • Member of the New York Bar
    • J.D. degree, Columbia Law School; B.A. degree, Duke University
    • bio info

    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
    • 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
    • bio info

    Who Should Attend

    This teleconference is designed for attorneys, accountants, CPAs, controllers, CFOs, tax managers, tax preparers, finance directors, presidents, vice presidents, estate and financial planners, accounts payable professionals and enrolled agents.

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    A Brave New World for U.S. Taxpayers with Foreign Assets: The New and Enhanced FBAR and FATCA Requirements
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