FBAR 2018 Update: Mastering FinCen Form 114, Deadlines, Extension, Penalty Resolution and Waiver Provisions
Recording of a 110-minute CPE webinar with Q&A
This webinar will provide counsel and tax advisers with the tools necessary to navigate the FBAR filing requirements, including the newly announced extension and first-time penalty waiver requests, and will offer detailed guidance on completing and filing an FBAR (FinCen Form 114).
- What triggers FBAR filing requirements
- Entity ownership
- $10,000 threshold
- When are a company’s officers personally responsible?
- Information that must be reported on FBAR
- Ownership accounts, accounts with signature authority, combined report accounts
- Form 8938 and associated IRS forms for foreign ownership/transactions
- Electronic filing of FBAR
- Restrictions of the electronic filing system
- Restrictions on preparer activity
- Update on enforcement and new developments
- FBAR and Form 8938 penalties
- Willfulness standard and the non-willful certification
- Avenues and procedures
- Audits and examination
- Civil vs. criminal sanctions
The panel will review these and other key issues:
- When can corporate officers’ stake in foreign accounts trigger reporting responsibilities?
- What is the latest in IRS and FinCEN enforcement activity?
- What are the terms of the IRS voluntary disclosure program for companies required to file FBAR?
- How do Form 8938 filing requirements intersect with FBAR?
Randall P. Andreozzi
Andreozzi Bluestein Weber Brown
Mr. Andreozzi specializes in complex tax controversy matters and corporate tax matters, and international/territorial... | Read More
Mr. Andreozzi specializes in complex tax controversy matters and corporate tax matters, and international/territorial tax issues, among other engagements. He previously spent 16 years in the IRS Office of Chief Counsel, working as an industry counsel for the commissioner's Industry Specialization Program (ISP).Close
Igor S. Drabkin
Holtz Slavett & Drabkin
Mr. Drabkin represents tax clients in disputes with the IRS and state revenue authorities, both administratively... | Read More
Mr. Drabkin 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.Close
Matthew D. Lee
Mr. Lee is a former U.S. Department of Justice trial attorney who concentrates his practice on all aspects of white... | Read More
Mr. Lee is a former U.S. Department of Justice trial attorney who concentrates his practice on all aspects of white collar criminal defense, federal tax controversies, financial institution regulatory compliance, and complex civil litigation. He has significant experience in conducting corporate internal investigations and advising banks and financial institutions as to compliance issues involving FATCA, the Bank Secrecy Act, the USA Patriot Act, anti-money laundering laws and regulations, and economic sanctions. He also represents financial institutions in enforcement proceedings brought by the Treasury Department’s Financial Crimes Enforcement Network (FinCEN).Close
Michel R. Stein
Hochman Salkin Rettig Toscher & Perez
Mr. Stein specializes in tax controversies, as well as tax planning for individuals, businesses and corporations. For... | Read More
Mr. Stein specializes in tax controversies, as well as tax planning for individuals, businesses and corporations. For almost 20 years, he has represented individuals with sensitive issue civil tax examinations where substantial penalty issues may arise, and extensively advised individuals on foreign and domestic voluntary disclosures regarding foreign account and asset compliance matters. He handles matters arising from the U.S. Government’s ongoing enforcement efforts regarding undeclared interests in foreign financial accounts and assets. He has assisted hundreds of individuals who have come into compliance with their foreign reporting requirements through the OVDP, Streamline or otherwise.Close
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CPE On-DemandSee NASBA details.