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

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Conducted on Thursday, December 18, 2014

Recorded event now available

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Course Materials

This course 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.

Description

FBAR is the most significant new reporting requirement for U.S. companies with foreign ownership handed down by the IRS in recent years. Companies holding $10,000 or more in a foreign bank or financial account must report those activities to the government.

New electronic filing requirements, phased in during 2013 for FBAR Form TD F 90-22.1, present corporate tax pros with complex registration requirements and limitations on using tax preparers or outside software to assist in filing. Form 8938 reporting for foreign accounts adds complexity.

Careful compliance with FBAR reporting requirements is the best defense against audits and enforcement actions by the Treasury Department. Enforcement activity has heated up recently, and companies can’t afford to be caught off guard by auditors. Penalties can reach $10,000 for a single unreported account.

Listen as our panel of advisors brings you an in-depth discussion of the obligations for FBAR filing, and the potential pitfalls of noncompliance.

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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 that must be reported on FBAR
    1. Ownership accounts, accounts with signature authority, combined report accounts
    2. Form 8938 and associated IRS forms for foreign ownership/transactions
  3. Electronic filing of FBAR
    1. Restrictions of the electronic filing system
    2. Restrictions on preparer activity
  4. Update on enforcement, audits, lessons learned
    1. Voluntary disclosure program
    2. Responding to audits and examinations

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 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?

Faculty

Colvin, John
John M. Colvin
Partner
Colvin & Hallett

Mr. Colvin's practice emphasizes federal tax controversies and white-collar criminal defense. He is a frequent...  |  Read More

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

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

Kelley Miller
Kelley Miller
Atty
Reed Smith

Ms. Miller’s practice involves complex federal tax controversies, state tax planning and litigation, and tax...  |  Read More

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