Avoiding Common FBAR Errors: Missed Accounts, Failure to File, Amending Returns, Delinquent Submission Procedures
Recording of a 110-minute CPE webinar with Q&A
This webinar will address common FBAR reporting errors and discuss how to remedy and avoid these. Our panel of tax controversy experts will identify accounts that must be included on the FBAR but are often overlooked and point out misunderstandings surrounding reporting thresholds and filing requirements. Finally, they will offer advice on correcting prior errors and circumventing mistakes on future returns.
Outline
- Avoiding FBAR reporting errors: introduction
- Penalties
- Reporting errors
- Failure to file
- Living abroad
- Minors
- Missed deadlines
- Failure to report required accounts
- Retirement accounts
- Life insurance
- Signature authority
- Failure to file
- Remedies
- Willful vs. nonwillful
- Amending the FBAR
- Quiet disclosures
- Delinquent submission procedures
- Voluntary disclosures
- Streamlined reporting
- Examinations and litigation
- Best practices to avoid reporting errors
Benefits
The panel will cover these and other critical issues:
- Identifying common FBAR reporting errors
- The FBAR reporting requirements for minors, life insurance, and retirement accounts
- Differences in FATCA and FBAR reporting thresholds
- Correcting past noncompliance and errors on previously filed submissions
- Dealing with FBAR examinations and litigation
- Best practices for avoiding FBAR reporting mistakes
Faculty
Eli S. Noff, Esq., CPA
Partner
Frost Law
Mr. Noff utilizes his background as a CPA and attorney to vigorously defend clients before the IRS and state taxing... | Read More
Mr. Noff utilizes his background as a CPA and attorney to vigorously defend clients before the IRS and state taxing authorities. He is also the firm’s lead on international tax matters, which involves complex international tax compliance issues, resolving many offshore voluntary disclosures and streamlined filing compliance procedures, as well as preparing complex Passive Foreign Investment Company (PFIC) computations. Mr. Noff also represents clients in a significant number of tax collection matters, federal and state examinations and appeals, IRS criminal investigations, and matters before the federal and state tax courts.
CloseJoshua Wu
Counsel
Latham & Watkins
Mr. Wu, former Deputy Assistant Attorney General (DAAG) for Appellate and Review in the Tax Division of the US... | Read More
Mr. Wu, former Deputy Assistant Attorney General (DAAG) for Appellate and Review in the Tax Division of the US Department of Justice (DOJ), counsels and advocates for companies and high net worth individuals on all aspects of tax controversies and litigation.
CloseAccess Anytime, Anywhere
CPE credit is not available on downloads.
CPE On-Demand