FBAR and Preparing for Filings Under New Deadlines

Navigating FBAR Demands and Latest Guidance on 2011 Form, FATCA Return and Compliance Initiative

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


Conducted on Wednesday, August 17, 2011

Recorded event now available

or call 1-800-926-7926
Program Materials

This teleconference will prepare advisors and taxpayers to file the Foreign Bank and Financial Accounts Report (FBAR) and 6038D return, to evaluate the IRS 2011 Offshore Voluntary Disclosure Program, and to take advantage of filing extensions.

Description

The IRS (Notice 2011-55) and the Treasury Department Financial Crimes Enforcement Network, or FinCEN (Notice 2011-1), have given advisors and certain taxpayer clients extensions for filing the 2011 FBAR and FATCA information returns.

There is also an opportunity to seek an extension for entering the associated offshore voluntary disclosure initiative (OVDI). Advisors and taxpayers given a reprieve must become familiar with revised FBAR Form TD F 90.22-1 and the finalized FinCEN rules.

Input from experienced tax advisors will help prepare advisors for these filings and anticipate IRS exam trends.

Listen as our panel of seasoned tax advisors analyzes the impact of recent extensions, evaluates the revised FBAR and FATCA returns and latest voluntary disclosure initiative, and projects potential weaknesses in filings on which IRS auditors are likely to focus their attention.

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Outline

  1. Latest developments involving FBAR and related filings
    1. IRS Notice 2011-55 and postponement of FATCA filing deadline
    2. IRS good-faith extensions on OVDI participation decision
    3. FinCEN Notice 2011-1 and extension of 2010 tax year FBAR filing for certain persons with signature authority only
    4. IRS Notice 2011-54 and extension of 2009 tax year FBAR filing and for certain persons with signature authority only
    5. FinCEN Notice 2011-2 and extension of 2010 tax year FBAR filing for broker-dealer representatives
  2. Review of key aspects of the updated Form TD F 90.22-1 (FBAR)
  3. Review of material terms of the finalized FBAR regs from Treasury FinCEN
  4. Review of the offshore voluntary disclosure initiative
  5. Possible direction of IRS enforcement following non-compliance with FBAR and FATCA

Benefits

The panel will review these and other key questions:

  • Filing extensions: Who does and doesn't qualify?
  • The OVDI: How to obtain a good faith extension for entering the program, and whether its terms are sufficiently appealing.
  • FBAR and FATCA requirements: Review of key terms of finalized rules.
  • IRS enforcement: What is likely to happen as the IRS discovers non-compliance under an aggressive audit program?

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

Faculty

Stanley Ruchelman
Stanley Ruchelman

Member
The Ruchelman Law Firm

He works on tax planning engagements for privately held businesses, with an emphasis on inter-company transactions; and...  |  Read More

Steven Toscher
Steven Toscher

Principal
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

Matthew D. Lee
Matthew D. Lee

Partner
Blank Rome

He has extensive client advisory experience on FBAR, undeclared foreign bank accounts and the IRS voluntary disclosure...  |  Read More

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