Alert

FBAR and U.S. Tax Reporting: Compliance Requirements for Foreign Assets

Unraveling Foreign Asset and Income Reporting Obligations, Navigating Available Voluntary Disclosure Programs

Recording of a 90-minute premium CLE/CPE video webinar with Q&A

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Conducted on Wednesday, March 16, 2022

Recorded event now available

or call 1-800-926-7926
Course Materials

This CLE/CPE course will provide counsel and tax advisers with the tools necessary to navigate the rules regarding FBAR and available programs and planning methods in reporting offshore assets and assisting clients with developing programs that provide workable solutions.

Description

The IRS has continually reaffirmed its commitment to cracking down on U.S. taxpayers failing to disclose reportable foreign assets. The IRS is intensifying audits for foreign disclosures, and tax advisers need to act quickly to take advantage of the benefits that may apply to their situations.

Tax counsel and advisers must prepare now to assist clients in utilizing any remaining available programs and development methods to ensure reporting compliance. Clients will benefit from substantially reduced or no penalties for failure to report offshore accounts. However, counsel must be aware of the risks in each available program, as the sanctions imposed on taxpayers that willfully fail to disclose are incredibly harsh.

Counsel must first evaluate whether the disclosure program will help a taxpayer avoid increased IRS penalties. If so, counsel must guide the client in meeting the particular requirements of the program. Further changes to the current landscape of offshore reporting may occur at any time, so tax counsel should make client taxpayers aware of the potential tax and penalty savings from disclosure.

Listen as our experienced panel reviews the benefits and burdens of the revised programs and provides best practices in determining whether the programs will benefit clients in the resolution of undisclosed offshore accounts.

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Outline

  1. Delinquent information return program
  2. IRS disclosure programs
    1. U.S. resident
    2. Non-U.S. resident
  3. Other available options post-OVDP
  4. Current IRS procedures for evaluating voluntary submittals

Benefits

The panel will review these and other priority issues:

  • Explaining to your client the value of not waiting until the IRS shows up on their doorstep to fix their offshore filing issues
  • What is the statute of limitations on IRS assessment when taxpayers fail to meet their obligations to report their offshore assets or accounts and how does this statute of limitations compare with other statute of limitations found in the Internal Revenue Code?
  • What are the requirements for the delinquent international information return submission procedures and the delinquent FBAR submission procedures? When does a taxpayer qualify for these procedures?
  • How should tax advisers best navigate the disclosure program requirements?

Faculty

Cassidy, Jim
James (Jim) Cassidy, CPA

International Advisor
Schulman Lobel

Mr. Cassidy is a Certified Public Accountant (New York) with more than 30 years of experience providing U.S. and...  |  Read More

Glaser, Guy
Guy Glaser

Attorney
Brager Tax Law

Mr. Glaser has over 30 years of tax experience with the IRS. He spent the first twenty years as a Senior Trial Attorney...  |  Read More

Patel, Parag
Parag P. Patel, Esq.

Attorney
Patel Law Offices

Mr. Patel’s practice concentrates on tax, international tax planning, estate planning, and elder law. His focus...  |  Read More

Access Anytime, Anywhere

Strafford will process CLE credit for one person on each recording. CPE credit is not available on recordings. All formats include course handouts.

To find out which recorded format will provide the best CLE option, select your state:

CLE On-Demand Video

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