FBAR Update: Mastering FinCen Form 114, New Deadlines, Extension, Penalty Resolution and Waiver Provisions

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


Conducted on Thursday, February 2, 2017

Recorded event now available

or call 1-800-926-7926
Program Materials

This webinar will provide counsel and tax advisers with the tools necessary to navigate the Report of Foreign Bank and Financial Accounts (FBAR) filing requirements, including the newly-announced extension and first-time penalty waiver requests, and will offer detailed guidance on how to thoroughly and accurately complete and file an FBAR (FinCen Form 114).

Description

The IRS announced additional changes to the filing requirements for the FBAR, remitted on FinCen Form 114. The changes were meant to benefit taxpayers required to disclose foreign-based financial accounts balances. The major reporting change takes effect in 2017 for the 2016 tax filing year, moving the deadline for filing the FBAR from June 30th to April 15th to align the FBAR with the filing deadline for individual income tax returns. For most individual taxpayers, this will accelerate the filing process.

In addition to altering the filing deadlines, the new regulations provide both U.S. and non-U.S. resident taxpayers with a mechanism for obtaining a six-month filing extension. Perhaps the most important of the changes is the first-time filer penalty relief for taxpayers who fail to timely file the FBAR or request an extension.

The FBAR remains an often-complex 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 and penalty relief provisions of the new regulations.

Listen as our experienced panel provides a comprehensive guide to completing the FBAR forms, as well as a summary of relevant changes in disclosure requirements.

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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 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 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

Andreozzi, Randall
Randall P. Andreozzi

Partner
Andreozzi Bluestein Weber Brown

Mr. Andreozzi specializes in complex tax controversy matters and corporate tax matters, and international/territorial...  |  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

Lee, Matthew
Matthew D. Lee

Partner
Fox Rothschild

Mr. Lee is a former U.S. Department of Justice trial attorney who concentrates his practice on all aspects of white...  |  Read More

Stein, Michel
Michel R. Stein

Principal
Hochman Salkin Rettig Toscher & Perez

Mr. Stein specializes in tax controversies, as well as tax planning for individuals, businesses and corporations. He...  |  Read More

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