FBAR Requirements for Business Foreign Bank Accounts
Making Sound Compliance Decisions for Reporting Foreign Accounts Under Final IRS Regs
Recording of a 110-minute CPE webinar with Q&A
This webinar will bring corporate tax professionals and advisors up to speed on the most recent developments of the Report of Foreign Bank and Financial Accounts (FBAR) planning and reporting for companies and provide a detailed review of the reporting requirements under the FBAR program.
- 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, audits, lessons learned
- Voluntary disclosure program
- Responding to audits and examinations
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?
John M. Colvin
Colvin & Hallett
Mr. Colvin's practice emphasizes federal tax controversies and white-collar criminal defense. He is a frequent... | Read More
Mr. Colvin's practice emphasizes federal tax controversies and white-collar criminal defense. He is a frequent speaker on tax topics and chairs the ABA Taxation Section's Subcommittee for Legislative and Administrative Developments.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
Ms. Miller’s practice involves complex federal tax controversies, state tax planning and litigation, and tax... | Read More
Ms. Miller’s practice involves complex federal tax controversies, state tax planning and litigation, and tax planning issues involving E-Commerce, cloud computing, and state nexus. She has experience representing clients in civil and criminal tax matters before state tribunals and administrative agencies, state courts, federal courts, and the IRS. Ms. Miller has written and spoken widely on numerous federal and state tax topics for clients representing a broad spectrum of industries.Close