After the FBAR Overhaul: Foreign Account Reporting Enforcement

Preparing for IRS Exams, Potential Penalties, Administrative Appeals or Litigation

IRS released new FBAR form, penalties manual on Nov. 1

Recording of a 110-minute CPE webinar with Q&A

Conducted on Wednesday, November 16, 2011

Recorded event now available

or call 1-800-926-7926
Program Materials

This teleconference will prepare advisors and taxpayers for the next wave of IRS enforcement and potential penalties, following conclusion of the 2011 offshore voluntary disclosure initiative.


Having adjusted to revisions in the federal Report of Foreign Bank and Financial Accounts (FBAR) and participated in the latest IRS offshore voluntary disclosure initiative (OVDI), taxpayers and their advisors now must look ahead to ramped-up IRS enforcement.

Expect the IRS to start closely examining taxpayers that did or didn't enroll in the OVDI and to scrutinize banks more closely with the goal of driving more taxpayers into filing FBARs. The tax community must prepare for likely red flags in IRS audits involving FBAR and the FATCA information return.

FBAR-related civil penalties can reach $100,000 per violation, to say nothing of criminal penalties. Given those potential costs, advisors and taxpayers should try to anticipate the direction of IRS enforcement and plan for the strongest case possible in an audit, administrative appeal or litigation.

Listen as our panel of seasoned tax advisors helps prepare you to defend against foreign information reporting penalties.



  1. Review of potential FBAR civil penalties
    1. Negligence
    2. Non-willful violations
    3. Willful failure to file
    4. Knowingly and willfully filing false report
  2. Anticipated timeline of IRS enforcement going forward
    1. Post-OVDI oversight
    2. Exams involving FBAR
    3. Exams involving FATCA return
  3. Preparing for an audit with foreign information return penalties in mind
  4. Preparing for an administrative appeal
  5. Preparing for litigation


The panel will explore these and other relevant topics:

  • Anticipated IRS focus of its enforcement resources after conclusion of the last OVDI.
  • Good faith, reasonable cause and other general defenses against penalties.
  • Approaches to consider in preparing for related IRS exams, administrative appeals and litigation.

Following the speaker presentations, you'll have an opportunity to get answers to your specific questions during the interactive Q&A.


Steven Toscher
Steven Toscher

Hochman Salkin Rettig Toscher & Perez

He has a broad-based tax practice covering federal and state income taxes and estate, employment, excise, sales and...  |  Read More

Colvin, John
John Colvin

Colvin & Hallett

Mr. Colvin's practice emphasizes federal tax controversies and white-collar criminal defense. He is a frequent...  |  Read More

Caroline Ciraolo
Caroline Ciraolo

Rosenberg Martin & Greenberg

She represents business clients in federal and state tax controversies and litigation, and in criminal tax cases. She...  |  Read More

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