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FBAR 2023 Update: Filing Requirements, Recent Cases, Deadlines, Extension, Penalty Resolution, and Waiver Provisions

Who Must File, What Must Be Reported, Willful vs. Non-Willful Failures

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

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Conducted on Tuesday, December 5, 2023

Recorded event now available

or call 1-800-926-7926

This course will provide tax advisers with a practical guide to completing the FBAR filing requirements. The panel will offer detailed instructions on completing and filing an FBAR, discuss recent IRS penalty enforcement actions for non-filing of foreign bank accounts, review recent cases, and describe extension provisions for the current filing year.

Description

Foreign bank accounts remain a top priority for the IRS, including imposing penalties in the millions of dollars against taxpayer who do not timely file a complete Report of Foreign Bank and Financial Accounts (FBAR). In 2023, the IRS continued a 10+ year trend of listing offshore issues, including FBARs, among its Dirty Dozen list of top tax scams. While the form and filing requirements remain in place, FinCEN and the IRS have extended some filing deadline protections to benefit taxpayers required to disclose foreign-based financial account balances.

FBAR remains a complicated reporting obligation and the IRS will cross-reference FBAR information with other tax filings, as well as information disclosures from other sources such as foreign financial institutions. This makes failure to accurately report assets on the FBAR potentially very costly for U.S. taxpayers, even with the extension provisions of the new regulations.

Listen as our experienced panel provides a comprehensive guide to completing the FBAR forms.

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Outline

  1. What triggers FBAR filing requirements
    1. Entity ownership
    2. $10,000 threshold
    3. When are a company's officers personally responsible?
  2. Information to report on the FBAR vs. Form 8938
    1. Ownership accounts, accounts with signature authority, combined report accounts
    2. Form 8938 and associated IRS forms for foreign ownership/transactions
  3. Update on enforcement and new developments
    1. FBAR and Form 8938 penalties
    2. Willfulness standard and the non-willful certification
    3. Avenues and procedures
    4. Audits and examination
    5. Civil vs. criminal sanctions

Benefits

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 the IRS and FinCEN enforcement activity?
  • What are the options for companies required to file an FBAR and have not?
  • How do Form 8938 filing requirements intersect with FBAR?

Faculty

Drabkin, Igor
Igor S. Drabkin
Tax Attorney & Principal
Holtz, Slavett & Drabkin

Mr. Drabkin represents tax clients in disputes with the IRS and state revenue authorities, both administratively...  |  Read More

Slavett, Gary
Gary Slavett
Principal and Founder
Holtz, Slavett & Drabkin

Mr. Slavett is a principal and founder of Holtz, Slavett & Drabkin, A Professional Law Corporation. He has been a...  |  Read More

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