Latest FBAR Voluntary Disclosure and Impending FATCA Reporting Duties

Analyzing Pros and Cons of the IRS Offer; Data to Include on Form 8938

Recording of a 110-minute webinar with Q&A


Conducted on Wednesday, March 21, 2012
Recorded event now available


This teleconference will prepare advisors and taxpayers to analyze the potential benefits and drawbacks of the latest OVDI, to comply with FATCA reporting requirements, and to grasp the ramifications of other recent developments in the FBAR realm.

Description

Advisors and taxpayers affected by the revised Report of Foreign Bank and Financial Accounts (FBAR) have new developments to analyze, starting with the latest IRS offshore voluntary disclosure initiative (OVDI). With maximum penalties increased and no current expiration date, terms of the deal must be mastered.

Meanwhile, calendar-year taxpayers should prepare for first filings of Form 8938, a.k.a. the Foreign Account Tax Compliance Act (FATCA) information report on funds in overseas accounts and other foreign financial assets. Issuance of Form 8938 and Sect. 6038D administrative rules (T.D. 9567) give much to consider.

Given those developments, new IRS guidance for U.S. citizens and dual residents abroad, controversy over FBAR's applicability to Canadian and Swiss banks, and the cost of potential FBAR-related civil penalties, tax professionals must familiarize themselves with the OVDI, FATCA rules and other recent events.

Listen as our panel of seasoned tax advisors explores pros and cons of the voluntary disclosure offer, FATCA report requirements and impact of related developments.

Outline

  1. The 2012 IRS OVDI
    1. Eligibility
    2. Potential penalties
    3. Pros and cons
    4. When expiration date will be set
  2. FATCA foreign account information reporting
    1. T.D. 9567 and Sect. 6038D rules
    2. Accounts and taxpayers covered
    3. Form 6038 and instructions
    4. Potential penalties
    5. Withholding rules
  3. Other recent developments
    1. IRS Fact Sheet FS-2011-13
    2. Issues with Canadian and Swiss banks

Benefits

The panel will explore these and other relevant topics:

  • The 2012 OVDI: Are its terms sufficiently appealing? What are its penalties? What has changed vs. the 2009 and 2011 disclosure programs?
  • The new Form 8938: What should and shouldn't be disclosed on the FATCA report? Where do FATCA and FBAR overlap and diverge? When could FATCA penalties and withholding duties apply?
  • Related developments: How could IRS Fact Sheet FS-2011-13 on U.S. citizens and dual residents who failed to file an FBAR create issues? Might complaints from Canadian banks about FBAR and special attention to accounts in Swiss banks create problems?

Upon completing this seminar, you will have a firm grasp of the implications of the latest FBAR-related disclosure offer, FATCA reporting obligations, and other latest developments pertaining to foreign account compliance.

Faculty

Kevin Packman, Partner
Holland & Knight, Miami, Fla.

He is attached to his firm's Private Wealth Services Section, where his work emphasizes estate and gift tax planning for domestic and international clients. He also works with clients on IRS tax controversies, creditor protection planning and probate administration. He has published several articles on FBAR compliance and developments.

Matthew D. Lee, Partner
Blank Rome, Philadelphia

He has extensive client advisory experience on FBAR, undeclared foreign bank accounts and the IRS voluntary disclosure program. He is a former Justice Department trial attorney who currently works in white-collar criminal defense and complex civil litigation.

Igor Drabkin, Principal
Holtz Slavett & Drabkin, Beverly Hills, Calif.

He represents tax clients in disputes with the IRS and state revenue authorities, both administratively and in court. Previously in his career, he was a senior IRS trial attorney and a special assistant U.S. attorney on bankruptcy cases involving tax matters.

Kelley Miller, Atty
Reed Smith, Philadelphia

A significant part of her practice involves complex federal tax controversies, federal tax issues for closely held entities and federal tax planning. She routinely represents clients before the IRS.

Ordering

Recorded Event

Includes full event recording plus handouts (available after live webinar).

Note: Self-study CPE, RTRP, and EA credits are not offered on recorded events.

Recorded Webinar Download $49.00
Available three business days after the live event

How does this work?

Recorded Audio Download (MP3) $49.00
Available 24 hours after the live event

How does this work?

DVD (Slide Presentation with Audio) $49.00 plus $9.45 S&H
Available ten business days after the live event

CD (Audio with Slide PDFs) $49.00 plus $9.45 S&H
Available ten business days after the live event


On-Demand Seminar - Audio Recording

Includes streaming audio of full program plus handouts (available 24 hours after live program).

Note: Self-study CPE, RTRP, and EA credits are not offered on on-demand webinars.

On-Demand Seminar Audio $49.00
Available 24 hours after the live event

How does this work?

NASBA CPE Sponsor

National Registry of CPE Sponsors

Strafford Publications, Inc. 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.learningmarket.org.

Program Materials

Requires Adobe Reader 8 or later. Download Acrobat FREE.

Program Materials

Requires Adobe Reader 8 or later. Download Acrobat FREE.

or call 1-800-926-7926

CPE Credit

Strafford is a NASBA CPE sponsor and our live webinars qualify for CPE credits. They offer you a high quality, cost effective, and convenient CPE option, with no lost travel time or expenses.

or call 1-800-926-7926

Customer Reviews

I appreciated the flow of the information offered and the ease at which I could follow the handouts.

Larry Bruck

WISS & Company

I liked the concentration on specific issues and examples.

Edita Rimalovsky

Komisar Brady & Co.

I loved the tools and handouts. Every CPE class should offer these kind of tools.

Jackie Meyer

Sample and Bailey

Excellent seminar! It was efficient and the important topics were covered at just the right pace; no time was wasted covering information that the participants already knew.

Rhonda G. Williams, CPA

Barraclough & Associates

I liked the fact that there was more than one person presenting the material. It's nice to hear multiple perspectives.

Matt Bristow

Cover & Rossiter

or call 1-800-926-7926

Our Guarantee

Strafford webinars and teleconferences are backed by our 100% Unconditional Money-Back Guarantee: if you are not satisfied with any of our products, simply let us know and get a full refund. For more information regarding complaints and refunds, please contact us at 1-800-926-7926 ext 10.